Loews (L) 10-Q 1 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Entity Registrant Name	LOEWS CORP
Entity Central Index Key	0000060086
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	1-6541
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2646102
Entity Address, Address Line One	667 Madison Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10065-8087
City Area Code	212
Local Phone Number	521-2000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	L
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		253,684,412

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Investments:
Fixed maturities, amortized cost of $40,342 and $38,963, less allowance for credit loss of $31 and $40	$ 45,069	$ 44,646
Equity securities, cost of $1,552 and $1,456	1,660	1,561
Limited partnership investments	1,996	1,798
Other invested assets, primarily mortgage loans, less allowance for credit loss of $26 and $26	1,140	1,165
Short term investments	4,178	4,674
Total investments	54,043	53,844
Cash	811	478
Receivables	9,187	7,833
Property, plant and equipment	9,878	10,451
Goodwill	349	785
Deferred non-insurance warranty acquisition expenses	3,418	3,068
Deferred acquisition costs of insurance subsidiaries	721	708
Other assets	3,319	3,069
Total assets	81,726	80,236
Insurance reserves:
Claim and claim adjustment expense	23,832	22,706
Future policy benefits	13,198	13,318
Unearned premiums	5,577	5,119
Total insurance reserves	42,607	41,143
Payable to brokers	665	92
Short term debt	187	37
Long term debt	8,925	10,072
Deferred income taxes	1,089	1,065
Deferred non-insurance warranty revenue	4,443	4,023
Other liabilities	4,680	4,623
Total liabilities	62,596	61,055
Commitments and contingent liabilities
Preferred stock, $0.10 par value: Authorized - 100,000,000 shares
Common stock, $0.01 par value: Authorized - 1,800,000,000 shares Issued - 269,574,153 and 269,360,973 shares	3	3
Additional paid-in capital	3,120	3,133
Retained earnings	15,336	14,150
Accumulated other comprehensive income	191	581
Shareholders' equity before treasury stock, total	18,650	17,867
Less treasury stock, at cost (15,807,106 and 150,000 shares)	(833)	(7)
Total shareholders' equity	17,817	17,860
Noncontrolling interests	1,313	1,321
Total equity	19,130	19,181
Total liabilities and equity	$ 81,726	$ 80,236

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Investments:
Fixed maturities, amortized cost	$ 40,342	$ 38,963
Fixed maturities, amortized cost, allowance for credit loss	31	40
Equity securities, cost	1,552	1,456
Other invested assets, primarily mortgage loans, allowance for credit loss	$ 26	$ 26
Liabilities and Equity:
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,800,000,000	1,800,000,000
Common stock, shares issued (in shares)	269,574,153	269,360,973
Treasury stock, shares (in shares)	15,807,106	150,000

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Insurance premiums		$ 2,059	$ 1,953	$ 6,056	$ 5,672
Net investment income		483	540	1,649	1,347
Investment gains (losses) (Note 2)	[1]	22	46	657	(1,312)
Non-insurance warranty revenue		357	317	1,054	926
Operating revenues and other		450	609	1,580	2,241
Total		3,371	3,465	10,996	8,874
Expenses:
Insurance claims and policyholders' benefits		1,632	1,616	4,684	4,683
Amortization of deferred acquisition costs		368	360	1,084	1,046
Non-insurance warranty expense		330	293	973	859
Operating expenses and other		638	876	2,208	3,894
Interest		99	137	324	404
Total		3,067	3,282	9,273	10,886
Income (loss) before income tax		304	183	1,723	(2,012)
Income tax (expense) benefit		(58)	(21)	(391)	284
Net income (loss)		246	162	1,332	(1,728)
Amounts attributable to noncontrolling interests		(26)	(23)	(97)	400
Net income (loss) attributable to Loews Corporation		$ 220	$ 139	$ 1,235	$ (1,328)
Basic net income (loss) per share (in dollars per share)		$ 0.86	$ 0.50	$ 4.71	$ (4.70)
Diluted net income (loss) per share (in dollars per share)		$ 0.85	$ 0.50	$ 4.70	$ (4.70)
Weighted average shares outstanding:
Shares of common stock (in shares)		256,760	279,400	262,270	282,630
Dilutive potential shares of common stock (in shares)		540	90	500
Total weighted average shares outstanding assuming dilution (in shares)		257,300	279,490	262,770	282,630
[1]	During the three and nine months ended September 30, 2021, $2 of investment losses and $15 of investment gains were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2021. During the three and nine months ended September 30, 2020, $25 of investment gains and $44 of investment losses were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2020.

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]
Net income (loss)	$ 246	$ 162	$ 1,332	$ (1,728)
Other comprehensive income (loss), after tax
Net unrealized gains (losses) on investments with an allowance for credit losses		6		(3)
Net unrealized gains (losses) on other investments	(138)	207	(465)	354
Total unrealized gains (losses) on investments	(138)	213	(465)	351
Unrealized gains (losses) on cash flow hedges	2	1	14	(18)
Pension and postretirement benefits	16	7	32	27
Foreign currency translation	(33)	38	(19)	(17)
Other comprehensive income (loss)	(153)	259	(438)	343
Comprehensive income (loss)	93	421	894	(1,385)
Amounts attributable to noncontrolling interests	(9)	(49)	(49)	363
Total comprehensive income (loss) attributable to Loews Corporation	$ 84	$ 372	$ 845	$ (1,022)

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Common Stock Held in Treasury [Member]	Noncontrolling Interests [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Accumulated Other Comprehensive Income (Loss) [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock Held in Treasury [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Noncontrolling Interests [Member]
Balance at Dec. 31, 2019	$ 21,930	$ 3	$ 3,374	$ 15,823	$ (68)	$ (13)	$ 2,811	$ (5)	$ (5)	$ 21,925	$ 3	$ 3,374	$ 15,818	$ (68)	$ (13)	$ 2,811
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income (loss)	(1,728)			(1,328)			(400)
Other comprehensive income (loss)	343				306		37
Dividends paid per share	(141)			(53)
Dividends paid per share							(88)
Deconsolidation of Diamond Offshore	(1,087)						(1,087)
Purchases of Loews Corporation treasury stock	(673)					(673)
Purchases of subsidiary stock from non-controlling interests	(37)		5				(42)
Stock-based compensation	17		(1)				18
Other	1		1			1	(1)
Balance at Sep. 30, 2020	18,620	3	3,379	14,437	238	(685)	1,248
Balance at Jun. 30, 2020	18,413	3	3,371	14,316	5	(491)	1,209
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income (loss)	162			139			23
Other comprehensive income (loss)	259				233		26
Dividends paid per share	(27)			(17)
Dividends paid per share							(10)
Purchases of Loews Corporation treasury stock	(195)					(195)
Stock-based compensation	8		8
Other	0			(1)		1
Balance at Sep. 30, 2020	18,620	3	3,379	14,437	238	(685)	1,248
Balance at Dec. 31, 2020	19,181	3	3,133	14,150	581	(7)	1,321
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income (loss)	1,332			1,235			97
Other comprehensive income (loss)	(438)				(390)		(48)
Dividends paid per share	(103)			(49)
Dividends paid per share							(54)
Purchases of Loews Corporation treasury stock	(826)					(826)
Purchases of subsidiary stock from non-controlling interests	(18)						(18)
Stock-based compensation	5		(11)				16
Other	(3)		(2)				(1)
Balance at Sep. 30, 2021	19,130	3	3,120	15,336	191	(833)	1,313
Balance at Jun. 30, 2021	19,398	3	3,121	15,132	327	(500)	1,315
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income (loss)	246			220			26
Other comprehensive income (loss)	(153)				(136)		(17)
Dividends paid per share	(27)			(16)
Dividends paid per share							(11)
Purchases of Loews Corporation treasury stock	(333)					(333)
Stock-based compensation	(2)		(2)
Other	1		1
Balance at Sep. 30, 2021	$ 19,130	$ 3	$ 3,120	$ 15,336	$ 191	$ (833)	$ 1,313

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY [Abstract]
Dividends paid per share (in dollars per share)	$ 0.0625	$ 0.0625	$ 0.1875	$ 0.1875

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating Activities:
Net income (loss)	$ 1,332	$ (1,728)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities, net	(85)	2,503
Changes in operating assets and liabilities, net:
Receivables	(1,115)	(273)
Deferred acquisition costs	(15)	(36)
Insurance reserves	1,891	1,479
Other assets	(853)	(411)
Other liabilities	701	238
Trading securities	(180)	(481)
Net cash flow provided by operating activities	1,676	1,291
Investing Activities:
Purchases of fixed maturities	(7,127)	(8,466)
Proceeds from sales of fixed maturities	2,510	5,023
Proceeds from maturities of fixed maturities	3,360	2,706
Purchases of equity securities	(242)	(373)
Proceeds from sales of equity securities	237	275
Purchases of limited partnership investments	(281)	(144)
Proceeds from sales of limited partnership investments	239	305
Purchases of property, plant and equipment	(327)	(584)
Dispositions	52	47
Sale of interest in Altium Packaging	417
Deconsolidation of Diamond Offshore		(483)
Change in short term investments	725	706
Other, net	13	(120)
Net cash flow used by investing activities	(424)	(1,108)
Financing Activities:
Dividends paid	(49)	(53)
Dividends paid to noncontrolling interests	(54)	(88)
Purchases of Loews Corporation treasury stock	(825)	(678)
Purchases of subsidiary stock from noncontrolling interests	(18)	(37)
Principal payments on debt	(1,154)	(1,157)
Issuance of debt	1,199	2,393
Other, net	(12)	(13)
Net cash flow (used) provided by financing activities	(913)	367
Effect of foreign exchange rate on cash	(6)
Net change in cash	333	550
Cash, beginning of period	478	336
Cash, end of period	$ 811	$ 886

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Basis of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation Loews Corporation is a holding company. Its subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an % owned subsidiary); transportation and storage of natural gas and natural gas liquids (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary); and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, the term “Company” as used herein means Loews Corporation including its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” as used herein means Net income (loss) attributable to Loews Corporation shareholders On April 1, 2021, Loews Corporation sold 47% of its interest in Altium Packaging, previously a 99% owned subsidiary. See Note 2 for further discussion. In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of September 30, 2021 and December 31, 2020, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and nine months ended September 30, 2021 and 2020 and cash flows for the nine months ended September 30, 2021 and 2020. Net income (loss) for the third quarter and first nine months of each of the years is not necessarily indicative of net income (loss) for that entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Company presents basic and diluted net income (loss) per share on the Consolidated Condensed Statements of Operations. Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three and nine months ended September 30, 2021, there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive. Recently issued ASUs – In August of 2018 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-12 “Financial Services – Insurance (Topic 944 : Targeted Improvements to the Accounting for Long-Duration Contracts.” The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. The guidance requires entities to update annually cash flow assumptions, including morbidity and persistency, and update quarterly discount rate assumptions using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in Net income and the effect of changes in discount rate assumptions will be recorded in Other comprehensive income (“OCI”).

Significant Transactions

Significant Transactions	9 Months Ended
	Sep. 30, 2021
Significant Transactions [Abstract]
Significant Transactions	2. Significant Transactions Altium Packaging On April 1, 2021, Loews Corporation sold 47% of its interest in Altium Packaging to GIC, Singapore’s sovereign wealth fund, for $420 million in cash consideration. Loews Corporation shares certain participating rights with GIC related to capital allocation and other decisions by Altium Packaging. Therefore, in accordance with Accounting Standards Codification (“ASC”) 810, “Consolidation,” Altium Packaging was deconsolidated from Loews Corporation’s consolidated financial statements effective as of April 1, 2021. Effective April 1, 2021, Loews Corporation’s investment in Altium Packaging is accounted for under the equity method of accounting, with the investment reported in Other assets on the Consolidated Condensed Balance Sheets and equity income (loss) reported in Operating expenses and other on the Consolidated Condensed Statements of Operations. The transaction resulted in a gain of $555 million ($438 million after tax) for the nine months ended September 30, 2021, which is recorded in Investment gains (losses) on the Consolidated Condensed Statement of Operations. Loews Corporation’s retained investment in Altium Packaging was recorded at an estimated fair value of $473 million. The difference between the fair value of Loews Corporation’s investment in Altium Packaging and Loews Corporation’s 53% share of the carrying value of Altium Packaging’s net assets was attributed to definite lived intangible assets and goodwill. The amortization of the amounts attributed to definite lived intangible assets will be recognized as a component of equity income (loss) reported in Operating expenses and other on the Consolidated Condensed Statements of Operations. The assets and liabilities deconsolidated from the Consolidated Condensed Balance Sheets were property, plant and equipment of $490 million, goodwill of $436 million, intangible assets of $488 million, other assets of approximately $370 million, long term debt of $1.1 billion and other liabilities of approximately $380 million. Diamond Offshore As a result of the April 26, 2020 (“the Filing Date”) bankruptcy filing of Diamond Offshore Drilling, Inc. (“Diamond Offshore”) and certain of its subsidiaries and applicable accounting principles generally accepted in the United States of America (“GAAP”), Diamond Offshore was deconsolidated from Loews Corporation’s consolidated financial statements in the second quarter of 2020. Through the Filing Date, Diamond Offshore’s results were included in Loews Corporation’s consolidated financial statements and Loews Corporation recognized in its earnings its proportionate share of Diamond Offshore’s losses through such date. The deconsolidation resulted in the recognition of a loss of $1.2 billion ($957 million after tax) during the nine months ended September 30, 2020, which is reported within Investment gains (losses) on the Consolidated Condensed Statements of Operations. During the nine months ended September 30, 2020, Diamond Offshore also recorded an aggregate asset impairment charge of $774 million ($408 million after tax and noncontrolling interests), which is reported within Operating expenses and other on the Consolidated Condensed Statements of Operations. For additional information regarding the deconsolidation of Diamond Offshore and the Diamond Offshore asset impairments, see Notes 2 and 6 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Investments

Investments	9 Months Ended
	Sep. 30, 2021
Investments [Abstract]
Investments	3. Investments Net investment income is as follows: Three Months Ended Nine Months Ended September 30, September 30 2021 2020 2021 2020 (In millions) Fixed maturity securities $ 425 $ 432 $ 1,278 $ 1,300 Limited partnership investments 89 71 285 26 Short term investments 1 2 1 11 Equity securities 4 18 53 24 Income (loss) from trading portfolio (a) (30 ) 22 46 Other 12 14 42 44 Total investment income 501 559 1,705 1,405 Investment expenses (18 ) (19 ) (56 ) (58 ) Net investment income $ 483 $ 540 $ 1,649 $ 1,347 (a) Net investment income recognized due to the change in fair value on securities still held as of September 30, 2021 and 2020 was $ and $ for the and 021 and 2020 . Investment gains (losses) are as follows: Three Months Ended Nine Months Ended September 30, September 30 2021 2020 2021 2020 (In millions) Fixed maturity securities: Gross gains $ 50 $ 44 $ 159 $ 175 Gross losses (28 ) (18 ) (68 ) (207 ) Investment gains (losses) on fixed maturity securities 22 26 91 (32 ) Equity securities (2 ) 25 17 (45 ) Derivative instruments 2 (2 ) 7 (7 ) Short term investments and other (3 ) 2 (17 ) Altium Packaging (see Note 2) 555 Diamond Offshore (see Note 2) (15 ) (1,211 ) Investment gains (losses) (a) $ 22 $ 46 $ 657 $ (1,312 ) (a) During the three and nine months ended September 30, 2021, $2 of investment losses and $15 of investment gains were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2021. During the three and nine months ended September 30, 2020, $25 of investment gains and $44 of investment losses were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2020 . The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivables on available-for-sale fixed maturity securities totaled $387 million, $371 million and $390 million as of September 30, 2021, December 31, 2020 and September 30, 2020 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note. Corporate and Asset- Three months ended September 30, 2021 Other Bonds backed Total (In millions) Allowance for credit losses: Balance as of July 1, 2021 $ 24 $ 21 $ 45 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded Available-for-sale securities accounted for as PCD assets 2 2 Reductions to the allowance for credit losses: Securities sold during the period (realized) Write-offs charged against the allowance 16 16 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period Total allowance for credit losses $ 10 $ 21 $ 31 Three months ended September 30, 2020 Allowance for credit losses: Balance as of July 1, 2020 $ 39 $ 12 $ 51 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 4 4 Available-for-sale securities accounted for as PCD assets 1 1 Reductions to the allowance for credit losses: Securities sold during the period (realized) 9 9 Write-offs charged against the allowance Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period (1 ) 1 Total allowance for credit losses $ 34 $ 13 $ 47 Corporate and Asset- Nine months ended September 30, 2021 Other Bonds backed Total (In millions) Allowance for credit losses: Balance as of January 1, 2021 $ 23 $ 17 $ 40 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 14 14 Available-for-sale securities accounted for as PCD assets 4 4 8 Reductions to the allowance for credit losses: Securities sold during the period (realized) 6 6 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis Write-offs charged against the allowance 16 16 Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period (9 ) (9 ) Total allowance for credit losses $ 10 $ 21 $ 31 Nine months ended September 30, 2020 Allowance for credit losses: Balance as of January 1, 2020 $ - $ - $ - Additions to the allowance for credit losses: Impact of adopting ASC 326 6 6 Securities for which credit losses were not previously recorded 62 12 74 Available-for-sale securities accounted for as PCD assets 3 3 Reductions to the allowance for credit losses: Securities sold during the period (realized) 15 15 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 1 1 Write-offs charged against the allowance Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period (21 ) 1 (20 ) Total allowance for credit losses $ 34 $ 13 $ 47 The components of available-for-sale impairment losses recognized in earnings by asset type are presented in the following table. The table includes losses on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 4 $ 5 $ 94 Asset-backed $ 11 1 11 14 Impairment losses recognized in earnings $ 11 $ 5 $ 16 $ 108 There were $3 million and $16 million of losses on mortgage loans recognized during the three and nine months ended September 30, 2020 primarily due to changes in expected credit losses. There were no losses recognized on mortgage loans during the three and nine months ended September 30, 2021. The amortized cost and fair values of fixed maturity securities are as follows: Cost or Gross Gross Allowance Amortized Unrealized Unrealized for Credit Estimated September 30 2021 Cost Gains Losses Losses Fair Value (In millions) Fixed maturity securities: Corporate and other bonds $ 21,608 $ 2,967 $ 42 $ 10 $ 24,523 States, municipalities and political subdivisions 10,384 1,610 15 11,979 Asset-backed: Residential mortgage-backed 3,176 89 6 3,259 Commercial mortgage-backed 2,064 85 16 17 2,116 Other asset-backed 2,429 76 4 4 2,497 Total asset-backed 7,669 250 26 21 7,872 U.S. Treasury and obligations of government-sponsored enterprises 139 1 4 136 Foreign government 521 19 2 538 Redeemable preferred stock 12 12 Fixed maturities available-for-sale 40,333 4,847 89 31 45,060 Fixed maturities trading 9 9 Total fixed maturity securities $ 40,342 $ 4,847 $ 89 $ 31 $ 45,069 December 31 2020 Fixed maturity securities: Corporate and other bonds $ 20,792 $ 3,578 $ 22 $ 23 $ 24,325 States, municipalities and political subdivisions 9,729 1,863 11,592 Asset-backed: Residential mortgage-backed 3,442 146 1 3,587 Commercial mortgage-backed 1,933 93 42 17 1,967 Other asset-backed 2,179 81 9 2,251 Total asset-backed 7,554 320 52 17 7,805 U.S. Treasury and obligations of government-sponsored enterprises 339 2 3 338 Foreign government 512 32 544 Fixed maturities available-for-sale 38,926 5,795 77 40 44,604 Fixed maturities trading 37 5 42 Total fixed maturity securities $ 38,963 $ 5,800 $ 77 $ 40 $ 44,646 The net unrealized gains on available-for-sale investments included in the tables above are recorded as a component of Accumulated other comprehensive income (loss) (“AOCI”). When presented in AOCI, these amounts are net of tax and noncontrolling interests and any required Shadow Adjustments. To the extent that unrealized gains on fixed income securities supporting long term care products and structured settlements not funded by annuities would result in a premium deficiency if those gains were realized, a related increase in Insurance reserves is recorded, net of tax and noncontrolling interests, as a reduction of net unrealized gains through Other comprehensive income (loss) (“Shadow Adjustments”). As of September 30, 2021 and December 31, 2020, the net unrealized gains on investments included in AOCI were correspondingly reduced by Shadow Adjustments of $2.2 billion and $2.5 billion (after tax and noncontrolling interests). The available-for-sale securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows: Less than 12 Months 12 Months or Longer Total Gross Gross Gross Estimated Unrealized Estimated Unrealized Estimated Unrealized September 30 2021 Fair Value Losses Fair Value Losses Fair Value Losses (In millions) Fixed maturity securities: Corporate and other bonds $ 1,853 $ 37 $ 88 $ 5 $ 1,941 $ 42 States, municipalities and political subdivisions 885 15 885 15 Asset-backed: Residential mortgage-backed 1,295 6 1,295 6 Commercial mortgage-backed 317 4 194 12 511 16 Other asset-backed 439 3 58 1 497 4 Total asset-backed 2,051 13 252 13 2,303 26 U.S. Treasury and obligations of government-sponsored enterprises 65 4 1 66 4 Foreign government 73 2 73 2 Total fixed maturity securities $ 4,927 $ 71 $ 341 $ 18 $ 5,268 $ 89 December 31 2020 Fixed maturity securities: Corporate and other bonds $ 609 $ 21 $ 12 $ 1 $ 621 $ 22 States, municipalities and political subdivisions 33 33 Asset-backed: Residential mortgage-backed 71 1 11 82 1 Commercial mortgage-backed 533 40 28 2 561 42 Other asset-backed 344 9 13 357 9 Total asset-backed 948 50 52 2 1,000 52 U.S. Treasury and obligations of government-sponsored enterprises 63 3 63 3 Foreign government 13 13 Total fixed maturity securities $ 1,666 $ 74 $ 64 $ 3 $ 1,730 $ 77 Based on current facts and circumstances, the Company believes the unrealized losses presented in the September 30, 2021 securities in a gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are attributable to changes in interest rates, credit spreads and other factors. There is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are additional impairment losses to be recorded at Contractual Maturity The following table presents available-for-sale fixed maturity securities by contractual maturity. September 30, 2021 December 31, 2020 Cost or Estimated Cost or Estimated Amortized Fair Amortized Fair Cost Value Cost Value (In millions) Due in one year or less $ 1,648 $ 1,656 $ 1,456 $ 1,458 Due after one year through five years 10,776 11,517 12,304 13,098 Due after five years through ten years 13,628 14,794 12,319 13,878 Due after ten years 14,281 17,093 12,847 16,170 Total $ 40,333 $ 45,060 $ 38,926 $ 44,604 Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life. Mortgage Loans The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios. Mortgage Loans Amortized Cost Basis by Origination Year (a) As of September 30 2021 2021 2020 2019 2018 2017 Prior Total (In millions) DSCR ≥1.6x LTV less than 55% $ 8 $ 75 $ 16 $ 37 $ 116 $ 203 $ 455 LTV 55% to 65% 38 15 18 1 72 LTV greater than 65% 17 14 7 23 61 DSCR 1.2x - 1.6x LTV less than 55% 13 15 95 5 58 186 LTV 55% to 65% 25 24 10 4 63 LTV greater than 65% 24 9 8 41 DSCR ≤1.2x LTV less than 55% 35 30 65 LTV 55% to 65% 42 42 LTV greater than 65% 9 56 7 72 Total $ 63 $ 161 $ 282 $ 86 $ 169 $ 296 $ 1,057 (a) The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index. Derivative Financial Instruments A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets. September 30, 2021 December 31, 2020 Contractual/ Contractual/ Notional Estimated Fair Value Notional Estimated Fair Value Amount Asset (Liability) Amount Asset (Liability) (In millions) With hedge designation: Interest rate swaps $ 675 $ (26 ) Without hedge designation: Equity markets: Options – purchased $ 1 135 $ 3 Interest rate swaps 100 $ (1 ) 100 (3 ) Embedded derivative on funds withheld liability 272 (11 ) 190 (19 ) Investment Commitments As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of September 30, 2021, commitments to purchase or fund were approximately $1.3 billion and to sell were approximately $55 million under the terms of these investments.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2021
Fair Value [Abstract]
Fair Value	4. Fair Value Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable: ● Level 1 – Quoted prices for identical instruments in active markets. ● Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. ● Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable. Prices Control procedures are performed over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include: (i) the review of pricing service methodologies or broker pricing qualifications, (ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, (iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria and (iv) detailed analysis, where an independent analysis of the inputs and assumptions used to price individual securities is performed . Assets and liabilities . September 30 2021 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 146 $ 24,186 $ 877 $ 25,209 States, municipalities and political subdivisions 11,922 57 11,979 Asset-backed 7,394 478 7,872 Fixed maturities available-for-sale 146 43,502 1,412 45,060 Fixed maturities trading 9 9 Total fixed maturities $ 146 $ 43,511 $ 1,412 $ 45,069 Equity securities $ 890 $ 745 $ 25 $ 1,660 Short term and other 4,063 4,063 Payable to brokers (118 ) (1 ) (119 ) December 31 2020 Fixed maturity securities: Corporate bonds and other $ 355 $ 24,082 $ 770 $ 25,207 States, municipalities and political subdivisions 11,546 46 11,592 Asset-backed 7,497 308 7,805 Fixed maturities available-for-sale 355 43,125 1,124 44,604 Fixed maturities trading 34 8 42 Total fixed maturities $ 355 $ 43,159 $ 1,132 $ 44,646 Equity securities $ 796 $ 722 $ 43 $ 1,561 Short term and other 4,538 39 4,577 Payable to brokers (14 ) (29 ) (43 ) The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and : Unrealized Gains Unrealized (Losses) Gains Recognized in Net Realized (Losses) Other Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and Included in Transfers Transfers Liabilities Liabilities Balance, Net Income Included in into out of Balance, Held at Held at 2021 July 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 September 30 September 30 September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 883 $ 1 $ 1 $ 55 $ (11 ) $ (52 ) $ 877 $ 2 States, municipalities and political subdivisions 57 57 Asset-backed 410 1 1 83 $ (9 ) (11 ) $ 41 (38 ) 478 Fixed maturities available-for-sale 1,350 2 2 138 (9 ) (22 ) 41 (90 ) 1,412 $ - 2 Fixed maturities trading - - Total fixed maturities $ 1,350 $ 2 $ 2 $ 138 $ (9 ) $ (22 ) $ 41 $ (90 ) $ 1,412 $ - $ 2 Equity securities $ 36 $ (2 ) $ 1 $ (11 ) $ 11 $ (10 ) $ 25 $ (3 ) Unrealized Gains Unrealized (Losses) Gains Recognized in Net Realized (Losses) Other Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and Included in Transfers Transfers Liabilities Liabilities Balance, Net Income Included in into out of Balance, Held at Held at 2020 July 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 September 30 September 30 September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 555 $ 5 $ 129 $ (3 ) $ 8 $ 694 $ 5 States, municipalities and political subdivisions - 45 45 Asset-backed 222 9 20 (14 ) $ (2 ) 235 8 Fixed maturities available-for-sale 777 $ - 14 194 $ - (17 ) 8 (2 ) 974 $ - 13 Fixed maturities trading 4 4 8 4 Total fixed maturities $ 781 $ 4 $ 14 $ 194 $ - $ (17 ) $ 8 $ (2 ) $ 982 $ 4 $ 13 Equity securities $ 27 $ 12 $ 39 Unrealized Gains Unrealized (Losses) Gains Recognized in Net Realized (Losses) Other Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and Included in Transfers Transfers Liabilities Liabilities Balance, Net Income Included in into out of Balance, Held at Held at 2021 January 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 September 30 September 30 September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 770 $ (9 ) $ (23 ) $ 219 $ (3 ) $ (35 ) $ 10 $ (52 ) $ 877 $ (22 ) States, municipalities and political subdivisions 46 12 (1 ) 57 Asset-backed 308 4 (4 ) 197 (9 ) (38 ) 71 (51 ) 478 (5 ) Fixed maturities available-for-sale 1,124 (5 ) (27 ) 428 (12 ) (74 ) 81 (103 ) 1,412 $ - (27 ) Fixed maturities trading 8 (6 ) (2 ) - Total fixed maturities $ 1,132 $ (11 ) $ (27 ) $ 428 $ (12 ) $ (76 ) $ 81 $ (103 ) $ 1,412 $ - $ (27 ) Equity securities $ 43 $ (15 ) $ 11 $ (15 ) $ 11 $ (10 ) $ 25 $ (1 ) Unrealized Gains Unrealized (Losses) Gains Recognized in Net Realized (Losses) Other Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and Included in Transfers Transfers Liabilities Liabilities Balance, Net Income Included in into out of Balance, Held at Held at 2020 January 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 September 30 September 30 September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 468 $ 27 $ 200 $ (9 ) $ 8 $ 694 $ 29 States, municipalities and political subdivisions 45 45 Asset-backed 165 18 100 $ (9 ) (22 ) $ (17 ) 235 19 Fixed maturities available-for-sale 633 $ - 45 345 (9 ) (31 ) 8 (17 ) 974 $ - 48 Fixed maturities trading 4 4 8 4 Total fixed maturities $ 637 $ 4 $ 45 $ 345 $ (9 ) $ (31 ) $ 8 $ (17 ) $ 982 $ 4 $ 48 Equity securities $ 19 $ (7 ) $ 12 $ 15 $ 39 $ (7 ) Net investment gains and losses are reported in Net income (loss) as follows: Major Category of Assets and Liabilities Consolidated Condensed Statements of Operations Line Items Fixed maturity securities available-for-sale Investment gains (losses) Fixed maturity securities trading Net investment income Equity securities Investment gains (losses) and Net investment income Other invested assets Investment gains (losses) and Net investment income Derivative financial instruments held in a trading portfolio Net investment income Derivative financial instruments, other Investment gains (losses) and Operating revenues and other Securities may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security. The availability of observable market information and quoted prices varies based on market conditions and trading volume. Valuation Methodologies and Inputs The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified. Fixed Maturity Securities Level 1 securities include highly liquid government securities and exchange traded bonds valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are primarily assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation, and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with some inputs that are not market observable. Equity Securities Level 1 securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with some inputs that are not market observable. Derivative Financial Instruments Equity options are valued using quoted market prices and are classified within Level 1 of the fair value hierarchy. Over-the-counter derivatives, principally interest rate swaps, currency forwards, total return swaps, commodity swaps, equity warrants and options, are valued using inputs including broker/dealer quotes and are classified within Level 2 or Level 3 of the valuation hierarchy, depending on the amount of transparency as to whether these quotes are based on information that is observable in the marketplace. Short Term and Other Invested Assets Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds, treasury bills and exchange traded open-end funds valued using quoted market prices. Level 2 primarily includes commercial paper, for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short term investments as presented in the tables above differ from the amounts presented in the Consolidated Condensed Balance Sheets because certain short term investments, such as time deposits, are not measured at fair value. Significant Unobservable Inputs The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value. Range Estimated Valuation Unobservable (Weighted September 30 2021 Fair Value Techniques Inputs Average) (In millions) Fixed maturity securities $ 1,154 Discounted cash flow Credit spread 1% – 7% (2%) December 31 2020 Fixed maturity securities $ 966 Discounted cash flow Credit spread 1% – 8% (3%) For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement. Financial Assets and Liabilities Not Measured at Fair Value The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short term debt and long term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items. Carrying Estimated Fair Value September 30 2021 Amount Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 1,031 $ 1,106 $ 1,106 Liabilities: Short term debt 186 190 190 Long term debt 8,919 $ 9,319 554 9,873 December 31 2020 Assets: Other invested assets, primarily mortgage loans $ 1,068 $ 1,151 $ 1,151 Liabilities: Short term debt 35 $ 19 17 36 Long term debt 10,042 10,482 765 11,247

Claim and Claim Adjustment Expe

Claim and Claim Adjustment Expense Reserves	9 Months Ended
	Sep. 30, 2021
Claim and Claim Adjustment Expense Reserves [Abstract]
Claim and Claim Adjustment Expense Reserves	5. Claim and Claim Adjustment Expense Reserves Property and casualty insurance claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (“IBNR”) claims as of the reporting date. Reserve projections are based primarily on detailed analysis of the facts in each case, experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, as well as court decisions and economic conditions, including inflation and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves. Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers’ compensation, general liability and professional liability claims. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the ultimate cost for insurance losses will not exceed current estimates. Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company’s results of operations and/or equity. The Company reported catastrophe losses, net of reinsurance, of $178 million and $160 million for the three months ended September 30, 2021 and 2020 and $357 million and $536 million for the nine months ended September 30, 2021 and 2020. Net catastrophe losses for the three months ended September 30, 2021 included $114 million for Hurricane Ida. Net catastrophe losses for the nine months ended September 30, 2021 were driven by severe weather-related events, primarily Hurricane Ida and Winter Storms Uri and Viola. Net catastrophe losses for the three months ended September 30, 2020 were driven by severe weather-related events, primarily Hurricanes Laura, Isaias and Sally and the Midwest derecho. Net catastrophe losses for the nine months ended September 30, 2020 included $273 million primarily related to severe weather-related events, $195 million related to the COVID-19 pandemic and $68 million related to civil unrest. Liability for Unpaid Claim and Claim Adjustment Expenses The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of other insurance operations. Nine September 30 2021 2020 (In millions) Reserves, beginning of year: Gross $ 22,706 $ 21,720 Ceded 4,005 3,835 Net reserves, beginning of year 18,701 17,885 Reduction of net reserves due to the excess workers’ compensation loss portfolio transfer (632 ) Net incurred claim and claim adjustment expenses: Provision for insured events of current year 4,474 4,425 Increase (decrease) in provision for insured events of prior years (130 ) (68 ) Amortization of discount 137 143 Total net incurred (a) 4,481 4,500 Net payments attributable to: Current year events (629 ) (556 ) Prior year events (2,874 ) (3,285 ) Total net payments (3,503 ) (3,841 ) Foreign currency translation adjustment and other (51 ) 39 Net reserves, end of period 18,996 18,583 Ceded reserves, end of period 4,836 3,951 Gross reserves, end of period $ 23,832 $ 22,534 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, the loss on the excess workers’ compensation loss portfolio transfer, uncollectible reinsurance and benefit expenses related to future policy benefits, which are not reflected in the table above. Net Prior Year Development Changes in estimates of claim and claim adjustment expense reserves net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable. Favorable net prior year loss reserve development of $10 million and $15 million was recorded for commercial property and casualty operations (“Property & Casualty Operations”) for the three months ended September 30, 2021 and 2020 and favorable net prior year loss reserve development of $36 million and $58 million was recorded for the nine months ended September 30, 2021 and 2020. Unfavorable net prior year loss reserve development of $40 million and $50 million was recorded in CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”) for the nine months ended September 30, 2021 and 2020. The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In millions) Medical professional liability $ 8 $ 25 $ 16 $ 35 Other professional liability and management liability 10 (6 ) Surety (15 ) (40 ) (53 ) (70 ) Commercial auto 9 30 33 General liability 15 15 Workers’ compensation 2 (23 ) (40 ) (97 ) Property and other (5 ) (1 ) 1 32 Other insurance operations 40 50 Total pretax (favorable) unfavorable development $ (10 ) $ (15 ) $ 4 $ (8 ) Three Months 2021 Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in recent accident years. 2020 Favorable development in surety was due to lower than expected frequency and lack of systemic activity for accident years 2019 and prior. Unfavorable development in general liability was primarily due to increased bodily injury severities in accident years 2012 through 2016 and higher than expected frequency and severity in CNA’s umbrella business in accident years 2015 through 2019. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Nine Months 2021 Unfavorable development in medical professional liability was due to higher than expected frequency of large losses in recent accident years. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in recent accident years. Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s construction and middle market businesses in recent accident years. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Unfavorable development in property and other was due to higher than expected claim severity in CNA’s medical treatment business mostly offset by favorable development due to lower than expected loss emergence across multiple accident years in property, energy and marine. Unfavorable development in other insurance operations was due to higher than expected emergence in mass tort exposures in older accident years primarily related to abuse. 2020 Unfavorable development in medical professional liability was primarily due to higher than expected frequency of large losses in recent accident years, unfavorable development on a latent claim for an older accident year and unfavorable outcomes on specific claims in accident years 2015 and 2016 in CNA’s aging services business. Favorable development in surety was due to lower than expected frequency and lack of systemic activity for accident years 2019 and prior. Unfavorable development in commercial auto was due to unfavorable claim severity in CNA’s middle market and construction businesses in accident years 2017 through 2019. Unfavorable development in general liability was driven by increased bodily injury severities in accident years 2012 through 2016 and higher than expected frequency and severity in CNA’s umbrella business in accident years 2015 through 2019. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Unfavorable development in property and other was primarily due to higher than expected large loss activity in CNA’s middle market, national accounts and marine business units in accident year 2019. Unfavorable development in other insurance operations was due to higher than expected emergence in mass tort exposures in older accident years primarily related to abuse. Asbestos & Environmental Pollution (“A&EP”) Reserves In 2010, Continental Casualty Company (“CCC”) together with several insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of their legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“LPT”). At the effective date of the transaction, approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves were ceded to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. NICO was paid a reinsurance premium of $2.0 billion and billed third party reinsurance receivables related to A&EP claims with a net book value of $215 million were transferred to NICO, resulting in total consideration of $2.2 billion. In years subsequent to the effective date of the LPT, adverse prior year development on A&EP reserves was recognized resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits on the Consolidated Condensed Statements of Operations. The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $8 million and $9 million for the three months ended September 30, 2021 and 2020 and $30 million and $43 million for the nine months ended September 30, 2021 and 2020. As of September 30, 2021 and December 31, 2020, the cumulative amounts ceded under the LPT were $3.3 billion. The unrecognized deferred retroactive reinsurance benefit was $368 million and $398 million as of September 30, 2021 and December 31, 2020 and is included within Other liabilities on the Consolidated Condensed Balance Sheets. NICO established a collateral trust account as security for its obligations under the LPT. The fair value of the collateral trust account was $ 2.9 billion as of September 30, 2021. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to the majority of the A&EP claims. Excess Workers’ Compensation LPT On February 5, 2021, CNA completed a transaction with Cavello Bay Reinsurance Limited (“Cavello”), a subsidiary of Enstar Group Limited, under which certain legacy excess workers’ compensation (“EWC”) liabilities were ceded to Cavello. Under the terms of the transaction, based on reserves in place as of January 1, 2020, approximately $ 690 million of net EWC claim and allocated claim adjustment expense reserves were ceded to Cavello under a loss portfolio transfer (“EWC LPT”) with an aggregate limit of $1.0 billion. Cavello was paid a reinsurance premium of $697 million, less claims paid between January 1, 2020 and the closing date of the agreement of $64 million. After transaction costs, a loss of approximately $11 million (after tax and noncontrolling interest) was recognized in Other Insurance Operations in the first quarter of 2021 related to the EWC LPT. As of September 30, 2021, the cumulative amount ceded under the EWC LPT was $690 million. Cavello established a collateral trust account as security for its obligations, which will be maintained at 105% of outstanding reserves. Credit Risk for Ceded Reserves The majority of CNA’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements. Life & Group Policyholder Reserves CNA’s Life & Group business includes its run-off long term care business as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants. Long term care policies provide benefits for nursing homes, assisted living facilities and home health care subject to various daily and lifetime caps. Generally, policyholders must continue to make periodic premium payments to keep the policy in force and CNA has the ability to increase policy premiums, subject to state regulatory approval. CNA maintains both claim and claim adjustment expense reserves as well as future policy benefit reserves for policyholder benefits for its Life & Group business. Claim and claim adjustment expense reserves consist of estimated reserves for long term care policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported. In developing the claim and claim adjustment expense reserve estimates for long term care policies, CNA’s actuaries perform a detailed claim reserve review on an annual basis. The review analyzes the sufficiency of existing reserves for policyholders currently on claim and includes an evaluation of expected benefit utilization and claim duration. In addition, claim and claim adjustment expense reserves are also maintained for the structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, CNA’s actuaries review mortality experience on an annual basis. CNA’s recorded claim and claim adjustment expense reserves reflect management’s best estimate after incorporating the results of the most recent reviews. CNA completed its annual claim reserve reviews in the third quarters of 2021 and 2020 resulting in $40 million and $37 million pretax reductions in long term care reserves primarily due to lower claim severity than anticipated in the reserve estimates and $2 million and $46 million pretax increases in the structured settlement claim reserves primarily due to lower discount rate assumptions and mortality assumption changes. Future policy benefit reserves consist of active life reserves related to CNA’s long term care policies for policyholders that are not currently receiving benefits and represent the present value of expected future benefit payments and expenses less expected future premium. The determination of these reserves requires management to make estimates and assumptions about expected investment and policyholder experience over the life of the contract. Since many of these contracts may be in force for several decades, these assumptions are subject to significant estimation risk. The actuarial assumptions that CNA believes are subject to the most variability are morbidity, persistency, discount rates and anticipated future premium rate increases. Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted. Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death. Discount rates are influenced by the investment yield on assets supporting long term care reserves which is subject to interest rate and market volatility and may also be affected by changes to the Internal Revenue Code. Future premium rate increases are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown. As a result of this variability, CNA’s long term care reserves may be subject to material increases if actual experience develops adversely to CNA’s expectations. Annually, in the third quarter, CNA assesses the adequacy of its long term care future policy benefit reserves by performing a gross premium valuation (“GPV”) to determine if there is a premium deficiency. Under the GPV, management estimates required reserves using best estimate assumptions as of the date of the assessment without provisions for adverse deviation. The GPV required reserves are then compared to the existing recorded reserves. If the GPV required reserves are greater than the existing recorded reserves, the existing assumptions are unlocked and future policy benefit reserves are increased to the greater amount. Any such increase is reflected in the Company’s results of operations in the period in which the need for such adjustment is determined. If the GPV required reserves are less than the existing recorded reserves, assumptions remain locked in and no adjustment is required. The GPV for the long term care future policy benefit reserves, performed in the third quarter of 2021, indicated the recorded reserves included a pretax margin of approximately $72 million as of September 30, 2021. The GPV for the long term care future policy benefit reserves performed in the third quarter of 2020 indicated a premium deficiency primarily driven by lower discount rate assumptions. Recognition of the premium deficiency resulted in a $74 million pretax increase in policyholders’ benefits reflected in the Company’s results of operations for the three and nine months ended September 30, 2020.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2021
Shareholders' Equity [Abstract]
Shareholders' Equity	6. Shareholders’ Equity Accumulated other comprehensive income (loss) The tables below present the changes in AOCI by component for the three and nine months ended September 30, 2020 and 2021: Net Unrealized Gains (Losses) Total on Investments Net Unrealized Unrealized Accumulated with an Gains (Losses) Gains (Losses) Pension and Foreign Other Allowance for on Other on Cash Flow Postretirement Currency Comprehensive Credit Losses Investments Hedges Benefits Translation Income (Loss) (In millions) Balance, July 1, 2020 $ (8 ) $ 1,050 $ (25 ) $ (837 ) $ (175 ) $ 5 Other comprehensive income (loss) before reclassifications, after tax of $ 0 63 0 0 0 2 231 (2 ) (2 ) 38 267 Reclassification of (income) losses from accumulated other comprehensive income, after tax of $( 1 7 0 3 0 4 (24 ) 3 9 (8 ) Other comprehensive income 6 207 1 7 38 259 Amounts attributable to noncontrolling interests (1 ) (22 ) (3 ) (26 ) Balance, September 30, 2020 $ (3 ) $ 1,235 $ (24 ) $ (830 ) $ (140 ) $ 238 Balance, July 1, 2021 $ - $ 1,271 $ (11 ) $ (863 ) $ (70 ) $ 327 Other comprehensive income (loss) before reclassifications, after tax of $ 0 32 0 0 0 (121 ) 1 3 (33 ) (150 ) Reclassification of (income) losses from accumulated other 0 , $ 5 , $ 0 , $ 2 and $ 0 (17 ) 1 13 (3 ) Other comprehensive income (loss) (138 ) 2 16 (33 ) (153 ) Amounts attributable to noncontrolling interests 14 (1 ) 4 17 Balance, September 30, 2021 $ - $ 1,147 $ (9 ) $ (848 ) $ (99 ) $ 191 Net Unrealized Gains (Losses) Total on Investments Net Unrealized Unrealized Accumulated with an Gains (Losses) Gains (Losses) Pension and Foreign Other Allowance for on Other on Cash Flow Postretirement Currency Comprehensive Credit Losses Investments Hedges Benefits Translation Income (Loss) (In millions) Balance, January 1, 2020 $ - $ 918 $ (6 ) $ (855 ) $ (125 ) $ (68 ) Other comprehensive income (loss) before reclassifications, after tax of $ 13 97 8 0 0 (48 ) 374 (22 ) (3 ) (17 ) 284 Reclassification of losses from accumulated other 12 , $ 5 , $ 1 , $ 8 and $ 0 45 (20 ) 4 30 59 Other comprehensive income (loss) (3 ) 354 (18 ) 27 (17 ) 343 Amounts attributable to noncontrolling interests (37 ) (2 ) 2 (37 ) Balance, September 30, 2020 $ (3 ) $ 1,235 $ (24 ) $ (830 ) $ (140 ) $ 238 Balance, January 1, 2021 $ - $ 1,563 $ (23 ) $ (877 ) $ (82 ) $ 581 Other comprehensive income (loss) before reclassifications, after tax of $ 1 104 3 0 0 (2 ) (391 ) 12 1 (19 ) (399 ) Reclassification of (income) losses from accumulated other comprehensive income, after tax of $( 1 20 2 7 0 2 (74 ) 2 31 (39 ) Other comprehensive income (loss) - (465 ) 14 32 (19 ) (438 ) Amounts attributable to noncontrolling interests 49 (3 ) 2 48 Balance, September 30, 2021 $ - $ 1,147 $ (9 ) $ (848 ) $ (99 ) $ 191 Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows: Major Category of AOCI Affected Line Item Net unrealized gains (losses) on investments with an allowance for credit losses, Net unrealized gains (losses) on investments with OTTI losses and Net unrealized gains (losses) on other investments Investment gains (losses) Unrealized gains (losses) on cash flow hedges Operating revenues and other, Interest expense and Operating expenses and other Pension and postretirement benefits Operating expenses and other Treasury Stock Loews Corporation repurchased million and million shares of its common stock at an aggregate cost of $ million and $ million during the nine months ended and .

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2021
Revenue from Contracts with Customers [Abstract]
Revenue from Contracts with Customers	7. Revenue from Contracts with Customers Disaggregation of revenues – Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In millions) Non-insurance warranty – CNA Financial $ 357 $ 317 $ 1,054 $ 926 Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines 296 280 959 898 Lodging and related services – Loews Hotels & Co 129 36 279 194 Rigid plastic packaging and recycled resin – Corporate (a) 253 280 753 Contract drilling – Diamond Offshore (b) 300 Total revenues from contracts with customers 425 569 1,518 2,145 Other revenues 25 40 62 96 Operating revenues and other $ 450 $ 609 $ 1,580 $ 2,241 (a) R (b) Revenues presented for Diamond Offshore reflect the period prior to its deconsolidation in the second quarter of 2020. See Note 2 for further discussion. Receivables from contracts with customers Deferred revenue Performance obligations – As of September 30, 2021, approximately $ billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. Approximately $ billion will be recognized during the remaining of 2021, $ billion in 2022 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.

Benefit Plans

Benefit Plans	9 Months Ended
	Sep. 30, 2021
Benefit Plans [Abstract]
Benefit Plans	8. Benefit Plans The Company has several non-contributory defined benefit plans and postretirement benefit plans covering eligible employees and retirees. The following table presents the components of net periodic (benefit) cost for the defined benefit plans: Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In millions) Service cost $ 1 $ 2 $ 2 Interest cost 17 $ 24 53 70 Expected return on plan assets (41 ) (43 ) (127 ) (130 ) Amortization of unrecognized net loss 12 12 37 35 Amortization of unrecognized prior service cost 1 Settlement charge 1 2 8 Regulatory asset decrease 1 1 Net periodic benefit $ (10 ) $ (6 ) $ (32 ) $ (14 ) The net periodic benefit for other postretirement benefits was $1 million for the three months ended September 30, 2021 and the nine months ended September 30, 2021 and 2020. There was no net periodic benefit for the three months ended September 30, 2020.

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 30, 2021
Legal Proceedings [Abstract]
Legal Proceedings	9. Legal Proceedings On May 25, 2018, plaintiffs Tsemach Mishal and Paul Berger (on behalf of themselves and the purported class, “Plaintiffs”) initiated a purported class action in the Court of Chancery of the State of Delaware (the “Court”) against the following defendants: Boardwalk Pipelines, Boardwalk GP, LP (“General Partner”), Boardwalk GP, LLC and Boardwalk Pipelines Holding Corp. (“BPHC”) (together, “Defendants”), regarding the potential exercise by the General Partner of its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates. On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Court (the “Proposed Settlement”). Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the Proposed Settlement. On June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates pursuant to the Limited Partnership Agreement within the period specified by the Proposed Settlement. The transaction was completed on July 18, 2018. On September 28, 2018, the Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding. The Defendants filed a motion to dismiss, which was heard by the Court in July of 2019. In October of 2019, the Court ruled on the motion and granted a partial dismissal, with certain aspects of the case proceeding to trial. A trial was held the week of February 22, 2021 and post-trial oral arguments were held on July 14, 2021 The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the Boardwalk Pipelines matter described above, will materially affect the Company’s results of operations or equity.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies CNA Data Breach-related Contingency As previously disclosed, CNA sustained a sophisticated cybersecurity attack in March of 2021 involving ransomware. CNA’s investigation revealed that an unauthorized third party copied some personal information relating to certain current and former employees, contractor workers and their dependents and certain other persons, including some policyholders. In July of 2021, CNA provided notifications to the impacted individuals and to regulators, in accordance with applicable law. CNA may be subject to subsequent investigations, fines or penalties, as well as other legal claims and actions, related to the foregoing. The likelihood is reasonably possible, but the amount of such fines, penalties or costs, if any, cannot be estimated at this time. Based on the information currently known, CNA does not believe that the March 2021 cybersecurity attack will have a material impact on its business, results of operations or financial condition, but no assurances can be given as it continues to assess the full impact from the incident, including costs, expenses and insurance coverage. CNA CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of September 30, 2021, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.6 billion, which will be paid over the lifetime of the annuitants. CNA does not believe any payment is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.

Segments

Segments	9 Months Ended
	Sep. 30, 2021
Segments [Abstract]
Segments	11. Segments Loews Corporation has reportable segments comprised of individual Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. For additional disclosures regarding the composition of Loews Corporation’s segments, see Note 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The following tables present the reportable segments and their contribution to the Consolidated Condensed Statements of Operations. Amounts presented will not necessarily be the same as those in the individual financial statements of the subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. Statements of Operations by segment are presented in the following tables. CNA Boardwalk Loews Three Months Ended September 30 2021 Financial Pipelines Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,059 $ 2,059 Net investment income (loss) 513 $ (30 ) 483 Investment gains 22 22 Non-insurance warranty revenue 357 357 Operating revenues and other 8 $ 307 $ 134 1 450 Total 2,959 307 134 (29 ) 3,371 Expenses: Insurance claims and policyholders’ benefits 1,632 1,632 Amortization of deferred acquisition costs 368 368 Non-insurance warranty expense 330 330 Operating expenses and other 287 215 109 27 638 Interest 28 40 8 23 99 Total 2,645 255 117 50 3,067 Income (loss) before income tax 314 52 17 (79 ) 304 Income tax (expense) benefit (59 ) (14 ) (4 ) 19 (58 ) Net income (loss) 255 38 13 (60 ) 246 Amounts attributable to noncontrolling interests (26 ) (26 ) Net income (loss) attributable to Loews Corporation $ 229 $ 38 $ 13 $ (60 ) $ 220 CNA Boardwalk Loews Three Months Ended September 30 2020 Financial Pipelines Hotels & Co Corporate (a) Total (In millions) Revenues: Insurance premiums $ 1,953 $ 1,953 Net investment income 517 $ 23 540 Investment gains 46 46 Non-insurance warranty revenue 317 317 Operating revenues and other 7 $ 289 $ 60 253 609 Total 2,840 289 60 276 3,465 Expenses: Insurance claims and policyholders’ benefits 1,616 1,616 Amortization of deferred acquisition costs 360 360 Non-insurance warranty expense 293 293 Operating expenses and other 268 219 114 275 876 Interest 52 44 8 33 137 Total 2,589 263 122 308 3,282 Income (loss) before income tax 251 26 (62 ) (32 ) 183 Income tax (expense) benefit (36 ) (6 ) 15 6 (21 ) Net income (loss) 215 20 (47 ) (26 ) 162 Amounts attributable to noncontrolling interests (23 ) (23 ) Net income (loss) attributable to Loews Corporation $ 192 $ 20 $ (47 ) $ (26 ) $ 139 (a) Amounts presented for Corporate include the operating results of Altium Packaging prior to the deconsolidation. CNA Boardwalk Loews Nine Months Ended September 30, 2021 Financial Pipelines Hotels & Co Corporate (b) Total (In millions) Revenues: Insurance premiums $ 6,056 $ 6,056 Net investment income 1,608 $ 1 $ 40 1,649 Investment gains 117 540 657 Non-insurance warranty revenue 1,054 1,054 Operating revenues and other 19 $ 991 288 282 1,580 Total 8,854 991 289 862 10,996 Expenses: Insurance claims and policyholders’ benefits 4,684 4,684 Amortization of deferred acquisition costs 1,084 1,084 Non-insurance warranty expense 973 973 Operating expenses and other 874 641 328 365 2,208 Interest 85 121 25 93 324 Total 7,700 762 353 458 9,273 Income (loss) before income tax 1,154 229 (64 ) 404 1,723 Income tax (expense) benefit (219 ) (59 ) 13 (126 ) (391 ) Net income (loss) 935 170 (51 ) 278 1,332 Amounts attributable to noncontrolling interests (97 ) (97 ) Net income (loss) attributable to Loews Corporation $ 838 $ 170 $ (51 ) $ 278 $ 1,235 (b) Amounts presented for Corporate include the operating results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment. CNA Boardwalk Loews Diamond Nine September 30 2020 Financial Pipelines Hotels & Co Corporate (a) Offshore (c) Total (In millions) Revenues: Insurance premiums $ 5,672 $ 5,672 Net investment income (loss) 1,380 $ (33 ) 1,347 Investment losses (101 ) (1,211 ) (1,312 ) Non-insurance warranty revenue 926 926 Operating revenues and other 20 $ 926 $ 236 754 $ 305 2,241 Total 7,897 926 236 (490 ) 305 8,874 Expenses: Insurance claims and policyholders’ benefits 4,683 4,683 Amortization of deferred acquisition costs 1,046 1,046 Non-insurance warranty expense 859 859 Operating expenses and other 851 633 404 810 1,196 3,894 Interest 114 127 24 96 43 404 Total 7,553 760 428 906 1,239 10,886 Income (loss) before income tax 344 166 (192 ) (1,396 ) (934 ) (2,012 ) Income tax (expense) benefit (40 ) (43 ) 48 293 26 284 Net income (loss) 304 123 (144 ) (1,103 ) (908 ) (1,728 ) Amounts attributable to noncontrolling interests (32 ) 432 400 Net income (loss) attributable to Loews Corporation $ 272 $ 123 $ (144 ) $ (1,103 ) $ (476 ) $ (1,328 ) (c) Amounts presented for Diamond Offshore reflect the period prior to the deconsolidation.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2021
Basis of Presentation [Abstract]
Basis of Presentation	Loews Corporation is a holding company. Its subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an % owned subsidiary); transportation and storage of natural gas and natural gas liquids (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary); and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, the term “Company” as used herein means Loews Corporation including its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” as used herein means Net income (loss) attributable to Loews Corporation shareholders On April 1, 2021, Loews Corporation sold 47% of its interest in Altium Packaging, previously a 99% owned subsidiary. See Note 2 for further discussion. In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of September 30, 2021 and December 31, 2020, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and nine months ended September 30, 2021 and 2020 and cash flows for the nine months ended September 30, 2021 and 2020. Net income (loss) for the third quarter and first nine months of each of the years is not necessarily indicative of net income (loss) for that entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Income (Loss) per Share	The Company presents basic and diluted net income (loss) per share on the Consolidated Condensed Statements of Operations. Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three and nine months ended September 30, 2021, there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive.
Recently Issued ASUs	Recently issued ASUs – In August of 2018 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-12 “Financial Services – Insurance (Topic 944 : Targeted Improvements to the Accounting for Long-Duration Contracts.” The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. The guidance requires entities to update annually cash flow assumptions, including morbidity and persistency, and update quarterly discount rate assumptions using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in Net income and the effect of changes in discount rate assumptions will be recorded in Other comprehensive income (“OCI”).

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2021
Investments [Abstract]
Net Investment Income	Net investment income is as follows: Three Months Ended Nine Months Ended September 30, September 30 2021 2020 2021 2020 (In millions) Fixed maturity securities $ 425 $ 432 $ 1,278 $ 1,300 Limited partnership investments 89 71 285 26 Short term investments 1 2 1 11 Equity securities 4 18 53 24 Income (loss) from trading portfolio (a) (30 ) 22 46 Other 12 14 42 44 Total investment income 501 559 1,705 1,405 Investment expenses (18 ) (19 ) (56 ) (58 ) Net investment income $ 483 $ 540 $ 1,649 $ 1,347 (a) Net investment income recognized due to the change in fair value on securities still held as of September 30, 2021 and 2020 was $ and $ for the and 021 and 2020 .
Investment Gains (Losses)	Investment gains (losses) are as follows: Three Months Ended Nine Months Ended September 30, September 30 2021 2020 2021 2020 (In millions) Fixed maturity securities: Gross gains $ 50 $ 44 $ 159 $ 175 Gross losses (28 ) (18 ) (68 ) (207 ) Investment gains (losses) on fixed maturity securities 22 26 91 (32 ) Equity securities (2 ) 25 17 (45 ) Derivative instruments 2 (2 ) 7 (7 ) Short term investments and other (3 ) 2 (17 ) Altium Packaging (see Note 2) 555 Diamond Offshore (see Note 2) (15 ) (1,211 ) Investment gains (losses) (a) $ 22 $ 46 $ 657 $ (1,312 ) (a) During the three and nine months ended September 30, 2021, $2 of investment losses and $15 of investment gains were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2021. During the three and nine months ended September 30, 2020, $25 of investment gains and $44 of investment losses were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2020 .
Allowance for Credit Losses	The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivables on available-for-sale fixed maturity securities totaled $387 million, $371 million and $390 million as of September 30, 2021, December 31, 2020 and September 30, 2020 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note. Corporate and Asset- Three months ended September 30, 2021 Other Bonds backed Total (In millions) Allowance for credit losses: Balance as of July 1, 2021 $ 24 $ 21 $ 45 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded Available-for-sale securities accounted for as PCD assets 2 2 Reductions to the allowance for credit losses: Securities sold during the period (realized) Write-offs charged against the allowance 16 16 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period Total allowance for credit losses $ 10 $ 21 $ 31 Three months ended September 30, 2020 Allowance for credit losses: Balance as of July 1, 2020 $ 39 $ 12 $ 51 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 4 4 Available-for-sale securities accounted for as PCD assets 1 1 Reductions to the allowance for credit losses: Securities sold during the period (realized) 9 9 Write-offs charged against the allowance Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period (1 ) 1 Total allowance for credit losses $ 34 $ 13 $ 47 Corporate and Asset- Nine months ended September 30, 2021 Other Bonds backed Total (In millions) Allowance for credit losses: Balance as of January 1, 2021 $ 23 $ 17 $ 40 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 14 14 Available-for-sale securities accounted for as PCD assets 4 4 8 Reductions to the allowance for credit losses: Securities sold during the period (realized) 6 6 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis Write-offs charged against the allowance 16 16 Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period (9 ) (9 ) Total allowance for credit losses $ 10 $ 21 $ 31 Nine months ended September 30, 2020 Allowance for credit losses: Balance as of January 1, 2020 $ - $ - $ - Additions to the allowance for credit losses: Impact of adopting ASC 326 6 6 Securities for which credit losses were not previously recorded 62 12 74 Available-for-sale securities accounted for as PCD assets 3 3 Reductions to the allowance for credit losses: Securities sold during the period (realized) 15 15 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 1 1 Write-offs charged against the allowance Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period (21 ) 1 (20 ) Total allowance for credit losses $ 34 $ 13 $ 47
Available-for-Sale Impairment Losses Recognized in Earnings	The components of available-for-sale impairment losses recognized in earnings by asset type are presented in the following table. The table includes losses on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 4 $ 5 $ 94 Asset-backed $ 11 1 11 14 Impairment losses recognized in earnings $ 11 $ 5 $ 16 $ 108
Amortized Cost and Fair Values of Fixed Maturity Securities	The amortized cost and fair values of fixed maturity securities are as follows: Cost or Gross Gross Allowance Amortized Unrealized Unrealized for Credit Estimated September 30 2021 Cost Gains Losses Losses Fair Value (In millions) Fixed maturity securities: Corporate and other bonds $ 21,608 $ 2,967 $ 42 $ 10 $ 24,523 States, municipalities and political subdivisions 10,384 1,610 15 11,979 Asset-backed: Residential mortgage-backed 3,176 89 6 3,259 Commercial mortgage-backed 2,064 85 16 17 2,116 Other asset-backed 2,429 76 4 4 2,497 Total asset-backed 7,669 250 26 21 7,872 U.S. Treasury and obligations of government-sponsored enterprises 139 1 4 136 Foreign government 521 19 2 538 Redeemable preferred stock 12 12 Fixed maturities available-for-sale 40,333 4,847 89 31 45,060 Fixed maturities trading 9 9 Total fixed maturity securities $ 40,342 $ 4,847 $ 89 $ 31 $ 45,069 December 31 2020 Fixed maturity securities: Corporate and other bonds $ 20,792 $ 3,578 $ 22 $ 23 $ 24,325 States, municipalities and political subdivisions 9,729 1,863 11,592 Asset-backed: Residential mortgage-backed 3,442 146 1 3,587 Commercial mortgage-backed 1,933 93 42 17 1,967 Other asset-backed 2,179 81 9 2,251 Total asset-backed 7,554 320 52 17 7,805 U.S. Treasury and obligations of government-sponsored enterprises 339 2 3 338 Foreign government 512 32 544 Fixed maturities available-for-sale 38,926 5,795 77 40 44,604 Fixed maturities trading 37 5 42 Total fixed maturity securities $ 38,963 $ 5,800 $ 77 $ 40 $ 44,646
Available-for-Sale Securities in Gross Unrealized Loss Position	The available-for-sale securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows: Less than 12 Months 12 Months or Longer Total Gross Gross Gross Estimated Unrealized Estimated Unrealized Estimated Unrealized September 30 2021 Fair Value Losses Fair Value Losses Fair Value Losses (In millions) Fixed maturity securities: Corporate and other bonds $ 1,853 $ 37 $ 88 $ 5 $ 1,941 $ 42 States, municipalities and political subdivisions 885 15 885 15 Asset-backed: Residential mortgage-backed 1,295 6 1,295 6 Commercial mortgage-backed 317 4 194 12 511 16 Other asset-backed 439 3 58 1 497 4 Total asset-backed 2,051 13 252 13 2,303 26 U.S. Treasury and obligations of government-sponsored enterprises 65 4 1 66 4 Foreign government 73 2 73 2 Total fixed maturity securities $ 4,927 $ 71 $ 341 $ 18 $ 5,268 $ 89 December 31 2020 Fixed maturity securities: Corporate and other bonds $ 609 $ 21 $ 12 $ 1 $ 621 $ 22 States, municipalities and political subdivisions 33 33 Asset-backed: Residential mortgage-backed 71 1 11 82 1 Commercial mortgage-backed 533 40 28 2 561 42 Other asset-backed 344 9 13 357 9 Total asset-backed 948 50 52 2 1,000 52 U.S. Treasury and obligations of government-sponsored enterprises 63 3 63 3 Foreign government 13 13 Total fixed maturity securities $ 1,666 $ 74 $ 64 $ 3 $ 1,730 $ 77
Available-for-Sale Fixed Maturity Securities by Contractual Maturity	The following table presents available-for-sale fixed maturity securities by contractual maturity. September 30, 2021 December 31, 2020 Cost or Estimated Cost or Estimated Amortized Fair Amortized Fair Cost Value Cost Value (In millions) Due in one year or less $ 1,648 $ 1,656 $ 1,456 $ 1,458 Due after one year through five years 10,776 11,517 12,304 13,098 Due after five years through ten years 13,628 14,794 12,319 13,878 Due after ten years 14,281 17,093 12,847 16,170 Total $ 40,333 $ 45,060 $ 38,926 $ 44,604
Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination	The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios. Mortgage Loans Amortized Cost Basis by Origination Year (a) As of September 30 2021 2021 2020 2019 2018 2017 Prior Total (In millions) DSCR ≥1.6x LTV less than 55% $ 8 $ 75 $ 16 $ 37 $ 116 $ 203 $ 455 LTV 55% to 65% 38 15 18 1 72 LTV greater than 65% 17 14 7 23 61 DSCR 1.2x - 1.6x LTV less than 55% 13 15 95 5 58 186 LTV 55% to 65% 25 24 10 4 63 LTV greater than 65% 24 9 8 41 DSCR ≤1.2x LTV less than 55% 35 30 65 LTV 55% to 65% 42 42 LTV greater than 65% 9 56 7 72 Total $ 63 $ 161 $ 282 $ 86 $ 169 $ 296 $ 1,057 (a) The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.
Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments	A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets. September 30, 2021 December 31, 2020 Contractual/ Contractual/ Notional Estimated Fair Value Notional Estimated Fair Value Amount Asset (Liability) Amount Asset (Liability) (In millions) With hedge designation: Interest rate swaps $ 675 $ (26 ) Without hedge designation: Equity markets: Options – purchased $ 1 135 $ 3 Interest rate swaps 100 $ (1 ) 100 (3 ) Embedded derivative on funds withheld liability 272 (11 ) 190 (19 )

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities . September 30 2021 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 146 $ 24,186 $ 877 $ 25,209 States, municipalities and political subdivisions 11,922 57 11,979 Asset-backed 7,394 478 7,872 Fixed maturities available-for-sale 146 43,502 1,412 45,060 Fixed maturities trading 9 9 Total fixed maturities $ 146 $ 43,511 $ 1,412 $ 45,069 Equity securities $ 890 $ 745 $ 25 $ 1,660 Short term and other 4,063 4,063 Payable to brokers (118 ) (1 ) (119 ) December 31 2020 Fixed maturity securities: Corporate bonds and other $ 355 $ 24,082 $ 770 $ 25,207 States, municipalities and political subdivisions 11,546 46 11,592 Asset-backed 7,497 308 7,805 Fixed maturities available-for-sale 355 43,125 1,124 44,604 Fixed maturities trading 34 8 42 Total fixed maturities $ 355 $ 43,159 $ 1,132 $ 44,646 Equity securities $ 796 $ 722 $ 43 $ 1,561 Short term and other 4,538 39 4,577 Payable to brokers (14 ) (29 ) (43 )
Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs	The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and : Unrealized Gains Unrealized (Losses) Gains Recognized in Net Realized (Losses) Other Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and Included in Transfers Transfers Liabilities Liabilities Balance, Net Income Included in into out of Balance, Held at Held at 2021 July 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 September 30 September 30 September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 883 $ 1 $ 1 $ 55 $ (11 ) $ (52 ) $ 877 $ 2 States, municipalities and political subdivisions 57 57 Asset-backed 410 1 1 83 $ (9 ) (11 ) $ 41 (38 ) 478 Fixed maturities available-for-sale 1,350 2 2 138 (9 ) (22 ) 41 (90 ) 1,412 $ - 2 Fixed maturities trading - - Total fixed maturities $ 1,350 $ 2 $ 2 $ 138 $ (9 ) $ (22 ) $ 41 $ (90 ) $ 1,412 $ - $ 2 Equity securities $ 36 $ (2 ) $ 1 $ (11 ) $ 11 $ (10 ) $ 25 $ (3 ) Unrealized Gains Unrealized (Losses) Gains Recognized in Net Realized (Losses) Other Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and Included in Transfers Transfers Liabilities Liabilities Balance, Net Income Included in into out of Balance, Held at Held at 2020 July 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 September 30 September 30 September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 555 $ 5 $ 129 $ (3 ) $ 8 $ 694 $ 5 States, municipalities and political subdivisions - 45 45 Asset-backed 222 9 20 (14 ) $ (2 ) 235 8 Fixed maturities available-for-sale 777 $ - 14 194 $ - (17 ) 8 (2 ) 974 $ - 13 Fixed maturities trading 4 4 8 4 Total fixed maturities $ 781 $ 4 $ 14 $ 194 $ - $ (17 ) $ 8 $ (2 ) $ 982 $ 4 $ 13 Equity securities $ 27 $ 12 $ 39 Unrealized Gains Unrealized (Losses) Gains Recognized in Net Realized (Losses) Other Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and Included in Transfers Transfers Liabilities Liabilities Balance, Net Income Included in into out of Balance, Held at Held at 2021 January 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 September 30 September 30 September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 770 $ (9 ) $ (23 ) $ 219 $ (3 ) $ (35 ) $ 10 $ (52 ) $ 877 $ (22 ) States, municipalities and political subdivisions 46 12 (1 ) 57 Asset-backed 308 4 (4 ) 197 (9 ) (38 ) 71 (51 ) 478 (5 ) Fixed maturities available-for-sale 1,124 (5 ) (27 ) 428 (12 ) (74 ) 81 (103 ) 1,412 $ - (27 ) Fixed maturities trading 8 (6 ) (2 ) - Total fixed maturities $ 1,132 $ (11 ) $ (27 ) $ 428 $ (12 ) $ (76 ) $ 81 $ (103 ) $ 1,412 $ - $ (27 ) Equity securities $ 43 $ (15 ) $ 11 $ (15 ) $ 11 $ (10 ) $ 25 $ (1 ) Unrealized Gains Unrealized (Losses) Gains Recognized in Net Realized (Losses) Other Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and Included in Transfers Transfers Liabilities Liabilities Balance, Net Income Included in into out of Balance, Held at Held at 2020 January 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 September 30 September 30 September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 468 $ 27 $ 200 $ (9 ) $ 8 $ 694 $ 29 States, municipalities and political subdivisions 45 45 Asset-backed 165 18 100 $ (9 ) (22 ) $ (17 ) 235 19 Fixed maturities available-for-sale 633 $ - 45 345 (9 ) (31 ) 8 (17 ) 974 $ - 48 Fixed maturities trading 4 4 8 4 Total fixed maturities $ 637 $ 4 $ 45 $ 345 $ (9 ) $ (31 ) $ 8 $ (17 ) $ 982 $ 4 $ 48 Equity securities $ 19 $ (7 ) $ 12 $ 15 $ 39 $ (7 ) Net investment gains and losses are reported in Net income (loss) as follows: Major Category of Assets and Liabilities Consolidated Condensed Statements of Operations Line Items Fixed maturity securities available-for-sale Investment gains (losses) Fixed maturity securities trading Net investment income Equity securities Investment gains (losses) and Net investment income Other invested assets Investment gains (losses) and Net investment income Derivative financial instruments held in a trading portfolio Net investment income Derivative financial instruments, other Investment gains (losses) and Operating revenues and other
Significant Unobservable Inputs	The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value. Range Estimated Valuation Unobservable (Weighted September 30 2021 Fair Value Techniques Inputs Average) (In millions) Fixed maturity securities $ 1,154 Discounted cash flow Credit spread 1% – 7% (2%) December 31 2020 Fixed maturity securities $ 966 Discounted cash flow Credit spread 1% – 8% (3%)
Financial Assets and Liabilities Not Measured at Fair Value	The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short term debt and long term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items. Carrying Estimated Fair Value September 30 2021 Amount Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 1,031 $ 1,106 $ 1,106 Liabilities: Short term debt 186 190 190 Long term debt 8,919 $ 9,319 554 9,873 December 31 2020 Assets: Other invested assets, primarily mortgage loans $ 1,068 $ 1,151 $ 1,151 Liabilities: Short term debt 35 $ 19 17 36 Long term debt 10,042 10,482 765 11,247

Claim and Claim Adjustment Ex_2

Claim and Claim Adjustment Expense Reserves (Tables)	9 Months Ended
	Sep. 30, 2021
Claim and Claim Adjustment Expense Reserves [Abstract]
Reconciliation of Claim and Claim Adjustment Expense Reserves	The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of other insurance operations. Nine September 30 2021 2020 (In millions) Reserves, beginning of year: Gross $ 22,706 $ 21,720 Ceded 4,005 3,835 Net reserves, beginning of year 18,701 17,885 Reduction of net reserves due to the excess workers’ compensation loss portfolio transfer (632 ) Net incurred claim and claim adjustment expenses: Provision for insured events of current year 4,474 4,425 Increase (decrease) in provision for insured events of prior years (130 ) (68 ) Amortization of discount 137 143 Total net incurred (a) 4,481 4,500 Net payments attributable to: Current year events (629 ) (556 ) Prior year events (2,874 ) (3,285 ) Total net payments (3,503 ) (3,841 ) Foreign currency translation adjustment and other (51 ) 39 Net reserves, end of period 18,996 18,583 Ceded reserves, end of period 4,836 3,951 Gross reserves, end of period $ 23,832 $ 22,534 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, the loss on the excess workers’ compensation loss portfolio transfer, uncollectible reinsurance and benefit expenses related to future policy benefits, which are not reflected in the table above.
Net Prior Year Loss Reserve Development in Property and Casualty Operations	The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In millions) Medical professional liability $ 8 $ 25 $ 16 $ 35 Other professional liability and management liability 10 (6 ) Surety (15 ) (40 ) (53 ) (70 ) Commercial auto 9 30 33 General liability 15 15 Workers’ compensation 2 (23 ) (40 ) (97 ) Property and other (5 ) (1 ) 1 32 Other insurance operations 40 50 Total pretax (favorable) unfavorable development $ (10 ) $ (15 ) $ 4 $ (8 )

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Shareholders' Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	The tables below present the changes in AOCI by component for the three and nine months ended September 30, 2020 and 2021: Net Unrealized Gains (Losses) Total on Investments Net Unrealized Unrealized Accumulated with an Gains (Losses) Gains (Losses) Pension and Foreign Other Allowance for on Other on Cash Flow Postretirement Currency Comprehensive Credit Losses Investments Hedges Benefits Translation Income (Loss) (In millions) Balance, July 1, 2020 $ (8 ) $ 1,050 $ (25 ) $ (837 ) $ (175 ) $ 5 Other comprehensive income (loss) before reclassifications, after tax of $ 0 63 0 0 0 2 231 (2 ) (2 ) 38 267 Reclassification of (income) losses from accumulated other comprehensive income, after tax of $( 1 7 0 3 0 4 (24 ) 3 9 (8 ) Other comprehensive income 6 207 1 7 38 259 Amounts attributable to noncontrolling interests (1 ) (22 ) (3 ) (26 ) Balance, September 30, 2020 $ (3 ) $ 1,235 $ (24 ) $ (830 ) $ (140 ) $ 238 Balance, July 1, 2021 $ - $ 1,271 $ (11 ) $ (863 ) $ (70 ) $ 327 Other comprehensive income (loss) before reclassifications, after tax of $ 0 32 0 0 0 (121 ) 1 3 (33 ) (150 ) Reclassification of (income) losses from accumulated other 0 , $ 5 , $ 0 , $ 2 and $ 0 (17 ) 1 13 (3 ) Other comprehensive income (loss) (138 ) 2 16 (33 ) (153 ) Amounts attributable to noncontrolling interests 14 (1 ) 4 17 Balance, September 30, 2021 $ - $ 1,147 $ (9 ) $ (848 ) $ (99 ) $ 191 Net Unrealized Gains (Losses) Total on Investments Net Unrealized Unrealized Accumulated with an Gains (Losses) Gains (Losses) Pension and Foreign Other Allowance for on Other on Cash Flow Postretirement Currency Comprehensive Credit Losses Investments Hedges Benefits Translation Income (Loss) (In millions) Balance, January 1, 2020 $ - $ 918 $ (6 ) $ (855 ) $ (125 ) $ (68 ) Other comprehensive income (loss) before reclassifications, after tax of $ 13 97 8 0 0 (48 ) 374 (22 ) (3 ) (17 ) 284 Reclassification of losses from accumulated other 12 , $ 5 , $ 1 , $ 8 and $ 0 45 (20 ) 4 30 59 Other comprehensive income (loss) (3 ) 354 (18 ) 27 (17 ) 343 Amounts attributable to noncontrolling interests (37 ) (2 ) 2 (37 ) Balance, September 30, 2020 $ (3 ) $ 1,235 $ (24 ) $ (830 ) $ (140 ) $ 238 Balance, January 1, 2021 $ - $ 1,563 $ (23 ) $ (877 ) $ (82 ) $ 581 Other comprehensive income (loss) before reclassifications, after tax of $ 1 104 3 0 0 (2 ) (391 ) 12 1 (19 ) (399 ) Reclassification of (income) losses from accumulated other comprehensive income, after tax of $( 1 20 2 7 0 2 (74 ) 2 31 (39 ) Other comprehensive income (loss) - (465 ) 14 32 (19 ) (438 ) Amounts attributable to noncontrolling interests 49 (3 ) 2 48 Balance, September 30, 2021 $ - $ 1,147 $ (9 ) $ (848 ) $ (99 ) $ 191 Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows: Major Category of AOCI Affected Line Item Net unrealized gains (losses) on investments with an allowance for credit losses, Net unrealized gains (losses) on investments with OTTI losses and Net unrealized gains (losses) on other investments Investment gains (losses) Unrealized gains (losses) on cash flow hedges Operating revenues and other, Interest expense and Operating expenses and other Pension and postretirement benefits Operating expenses and other

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contracts with Customers [Abstract]
Revenue from Contracts with Customers Disaggregated by Revenue Type	Disaggregation of revenues – Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In millions) Non-insurance warranty – CNA Financial $ 357 $ 317 $ 1,054 $ 926 Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines 296 280 959 898 Lodging and related services – Loews Hotels & Co 129 36 279 194 Rigid plastic packaging and recycled resin – Corporate (a) 253 280 753 Contract drilling – Diamond Offshore (b) 300 Total revenues from contracts with customers 425 569 1,518 2,145 Other revenues 25 40 62 96 Operating revenues and other $ 450 $ 609 $ 1,580 $ 2,241 (a) R (b) Revenues presented for Diamond Offshore reflect the period prior to its deconsolidation in the second quarter of 2020. See Note 2 for further discussion.

Benefit Plans (Tables)

Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2021
Benefit Plans [Abstract]
Components of Net Periodic (Benefit) Cost	The following table presents the components of net periodic (benefit) cost for the defined benefit plans: Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In millions) Service cost $ 1 $ 2 $ 2 Interest cost 17 $ 24 53 70 Expected return on plan assets (41 ) (43 ) (127 ) (130 ) Amortization of unrecognized net loss 12 12 37 35 Amortization of unrecognized prior service cost 1 Settlement charge 1 2 8 Regulatory asset decrease 1 1 Net periodic benefit $ (10 ) $ (6 ) $ (32 ) $ (14 )

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2021
Segments [Abstract]
Statements of Operations by Segment	The following tables present the reportable segments and their contribution to the Consolidated Condensed Statements of Operations. Amounts presented will not necessarily be the same as those in the individual financial statements of the subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. Statements of Operations by segment are presented in the following tables. CNA Boardwalk Loews Three Months Ended September 30 2021 Financial Pipelines Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,059 $ 2,059 Net investment income (loss) 513 $ (30 ) 483 Investment gains 22 22 Non-insurance warranty revenue 357 357 Operating revenues and other 8 $ 307 $ 134 1 450 Total 2,959 307 134 (29 ) 3,371 Expenses: Insurance claims and policyholders’ benefits 1,632 1,632 Amortization of deferred acquisition costs 368 368 Non-insurance warranty expense 330 330 Operating expenses and other 287 215 109 27 638 Interest 28 40 8 23 99 Total 2,645 255 117 50 3,067 Income (loss) before income tax 314 52 17 (79 ) 304 Income tax (expense) benefit (59 ) (14 ) (4 ) 19 (58 ) Net income (loss) 255 38 13 (60 ) 246 Amounts attributable to noncontrolling interests (26 ) (26 ) Net income (loss) attributable to Loews Corporation $ 229 $ 38 $ 13 $ (60 ) $ 220 CNA Boardwalk Loews Three Months Ended September 30 2020 Financial Pipelines Hotels & Co Corporate (a) Total (In millions) Revenues: Insurance premiums $ 1,953 $ 1,953 Net investment income 517 $ 23 540 Investment gains 46 46 Non-insurance warranty revenue 317 317 Operating revenues and other 7 $ 289 $ 60 253 609 Total 2,840 289 60 276 3,465 Expenses: Insurance claims and policyholders’ benefits 1,616 1,616 Amortization of deferred acquisition costs 360 360 Non-insurance warranty expense 293 293 Operating expenses and other 268 219 114 275 876 Interest 52 44 8 33 137 Total 2,589 263 122 308 3,282 Income (loss) before income tax 251 26 (62 ) (32 ) 183 Income tax (expense) benefit (36 ) (6 ) 15 6 (21 ) Net income (loss) 215 20 (47 ) (26 ) 162 Amounts attributable to noncontrolling interests (23 ) (23 ) Net income (loss) attributable to Loews Corporation $ 192 $ 20 $ (47 ) $ (26 ) $ 139 (a) Amounts presented for Corporate include the operating results of Altium Packaging prior to the deconsolidation. CNA Boardwalk Loews Nine Months Ended September 30, 2021 Financial Pipelines Hotels & Co Corporate (b) Total (In millions) Revenues: Insurance premiums $ 6,056 $ 6,056 Net investment income 1,608 $ 1 $ 40 1,649 Investment gains 117 540 657 Non-insurance warranty revenue 1,054 1,054 Operating revenues and other 19 $ 991 288 282 1,580 Total 8,854 991 289 862 10,996 Expenses: Insurance claims and policyholders’ benefits 4,684 4,684 Amortization of deferred acquisition costs 1,084 1,084 Non-insurance warranty expense 973 973 Operating expenses and other 874 641 328 365 2,208 Interest 85 121 25 93 324 Total 7,700 762 353 458 9,273 Income (loss) before income tax 1,154 229 (64 ) 404 1,723 Income tax (expense) benefit (219 ) (59 ) 13 (126 ) (391 ) Net income (loss) 935 170 (51 ) 278 1,332 Amounts attributable to noncontrolling interests (97 ) (97 ) Net income (loss) attributable to Loews Corporation $ 838 $ 170 $ (51 ) $ 278 $ 1,235 (b) Amounts presented for Corporate include the operating results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment. CNA Boardwalk Loews Diamond Nine September 30 2020 Financial Pipelines Hotels & Co Corporate (a) Offshore (c) Total (In millions) Revenues: Insurance premiums $ 5,672 $ 5,672 Net investment income (loss) 1,380 $ (33 ) 1,347 Investment losses (101 ) (1,211 ) (1,312 ) Non-insurance warranty revenue 926 926 Operating revenues and other 20 $ 926 $ 236 754 $ 305 2,241 Total 7,897 926 236 (490 ) 305 8,874 Expenses: Insurance claims and policyholders’ benefits 4,683 4,683 Amortization of deferred acquisition costs 1,046 1,046 Non-insurance warranty expense 859 859 Operating expenses and other 851 633 404 810 1,196 3,894 Interest 114 127 24 96 43 404 Total 7,553 760 428 906 1,239 10,886 Income (loss) before income tax 344 166 (192 ) (1,396 ) (934 ) (2,012 ) Income tax (expense) benefit (40 ) (43 ) 48 293 26 284 Net income (loss) 304 123 (144 ) (1,103 ) (908 ) (1,728 ) Amounts attributable to noncontrolling interests (32 ) 432 400 Net income (loss) attributable to Loews Corporation $ 272 $ 123 $ (144 ) $ (1,103 ) $ (476 ) $ (1,328 ) (c) Amounts presented for Diamond Offshore reflect the period prior to the deconsolidation.

Basis of Presentation (Details)

Basis of Presentation (Details) - shares	Apr. 01, 2021	Sep. 30, 2021	Sep. 30, 2021	Mar. 31, 2021
Stock-based Compensation Awards [Member]
Basis of Presentation [Abstract]
Antidilutive securities excluded from diluted EPS calculation (in shares)		0	0
CNA [Member]
Basis of Presentation [Abstract]
Subsidiary ownership percentage		89.60%	89.60%
Altium Packaging LLC [Member]
Basis of Presentation [Abstract]
Subsidiary ownership percentage				99.00%
Percentage interest of subsidiary sold	47.00%

Significant Transactions (Detai

Significant Transactions (Details) - USD ($) $ in Millions	Apr. 01, 2021	Sep. 30, 2021	Sep. 30, 2020
Altium Packaging LLC [Member] | Sale of Interest [Member]
Significant Transactions [Abstract]
Percentage interest of subsidiary sold	47.00%
Cash consideration from sale of interest in subsidiary		$ 420
Pretax gain from sale of interest in subsidiary		555
After tax gain from sale of interest in subsidiary		438
Investment at fair value		$ 473
Subsidiary ownership percentage		53.00%
Property, plant and equipment		$ 490
Goodwill		436
Intangible assets		488
Other assets		370
Long term debt		1,100
Other liabilities		$ 380
Diamond Offshore [Member]
Significant Transactions [Abstract]
Deconsolidation loss			$ 1,200
Deconsolidation loss, after tax			957
Pretax asset impairment charge			774
Asset impairment charge, after tax and noncontrolling interests			$ 408

Investments, Net Investment Inc

Investments, Net Investment Income (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net Investment Income [Abstract]
Investment income		$ 501	$ 559	$ 1,705	$ 1,405
Investment expenses		(18)	(19)	(56)	(58)
Net investment income		483	540	1,649	1,347
Net investment income recognized due to change in fair value on securities		(55)	11	(9)	13
Fixed Maturity Securities [Member]
Net Investment Income [Abstract]
Investment income		425	432	1,278	1,300
Limited Partnership Investments [Member]
Net Investment Income [Abstract]
Investment income		89	71	285	26
Short Term Investments [Member]
Net Investment Income [Abstract]
Investment income		1	2	1	11
Equity Securities [Member]
Net Investment Income [Abstract]
Investment income				53	24
Investment income		4	18
Income (Loss) from Trading Portfolio [Member]
Net Investment Income [Abstract]
Investment income	[1]	(30)	22	46
Other [Member]
Net Investment Income [Abstract]
Investment income		$ 12	$ 14	$ 42	$ 44
[1]	Net investment income recognized due to the change in fair value on securities still held as of September 30, 2021 and 2020 was $(55) and $11 for the three months ended September 30, 2021 and 2020 and $(9) and $13 for the nine months ended September 30, 2021 and 2020.

Investments, Investment Gains (

Investments, Investment Gains (Losses) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investment Gains (Losses) [Abstract]
Investment gains (losses)	[1]	$ 22	$ 46	$ 657	$ (1,312)
Fixed Maturity Securities [Member]
Investment Gains (Losses) [Abstract]
Gross gains		50	44	159	175
Gross losses		(28)	(18)	(68)	(207)
Investment gains (losses)		22	26	91	(32)
Equity Securities [Member]
Investment Gains (Losses) [Abstract]
Investment gains (losses)		(2)	25	17	(45)
Derivative Instruments [Member]
Investment Gains (Losses) [Abstract]
Investment gains (losses)		2	(2)	7	(7)
Short Term Investments and Other [Member]
Investment Gains (Losses) [Abstract]
Investment gains (losses)			(3)	2	(17)
Altium Packaging [Member] | Sale of Interest [Member]
Investment Gains (Losses) [Abstract]
Investment gains (losses)				555
Diamond Offshore [Member]
Investment Gains (Losses) [Abstract]
Investment gains (losses)				(15)	(1,211)
Nonredeemable Preferred Stock [Member]
Investment Gains (Losses) [Abstract]
Recognized gains (losses) on securities		$ (2)	$ 25	$ 15	$ (44)
[1]	During the three and nine months ended September 30, 2021, $2 of investment losses and $15 of investment gains were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2021. During the three and nine months ended September 30, 2020, $25 of investment gains and $44 of investment losses were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2020.

Investments, Allowance for Cred

Investments, Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Investments [Abstract]
Accrued interest receivables on available-for-sale fixed maturity securities	$ 387	$ 390	$ 387	$ 390	$ 371
Allowance for Credit Losses [Roll Forward]
Beginning balance	45	51	40	0
Additions to allowance for securities for which credit losses were not previously recorded		4	14	74
Additions to allowance for available-for-sale securities accounted for as PCD assets	2	1	8	3
Reductions for securities sold during the period (realized)		9	6	15
Write-offs charged against the allowance	16		16
Reductions for intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis				1
Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period			(9)	(20)
Total allowance for credit losses	31	47	31	47
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member]
Allowance for Credit Losses [Roll Forward]
Beginning balance				6
Corporate and Other Bonds [Member]
Allowance for Credit Losses [Roll Forward]
Beginning balance	24	39	23	0
Additions to allowance for securities for which credit losses were not previously recorded		4	14	62
Additions to allowance for available-for-sale securities accounted for as PCD assets	2	1	4	3
Reductions for securities sold during the period (realized)		9	6	15
Write-offs charged against the allowance	16		16
Reductions for intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis				1
Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period		(1)	(9)	(21)
Total allowance for credit losses	10	34	10	34
Corporate and Other Bonds [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member]
Allowance for Credit Losses [Roll Forward]
Beginning balance				6
Asset-Backed [Member]
Allowance for Credit Losses [Roll Forward]
Beginning balance	21	12	17	0
Additions to allowance for securities for which credit losses were not previously recorded				12
Additions to allowance for available-for-sale securities accounted for as PCD assets			4
Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period		1		1
Total allowance for credit losses	$ 21	$ 13	$ 21	$ 13

Investments, Available-for-sale

Investments, Available-for-sale Impairment Losses Recognized in Earnings (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Available-For-Sale Impairment Losses [Abstract]
Losses on mortgage loans due to changes in expected credit losses	$ 0	$ 3	$ 0	$ 16
Fixed Maturity Securities Available-for-sale [Member]
Available-For-Sale Impairment Losses [Abstract]
Impairment losses recognized in earnings	11	5	16	108
Fixed Maturity Securities Available-for-sale [Member] | Corporate and Other Bonds [Member]
Available-For-Sale Impairment Losses [Abstract]
Impairment losses recognized in earnings		4	5	94
Fixed Maturity Securities Available-for-sale [Member] | Asset-Backed [Member]
Available-For-Sale Impairment Losses [Abstract]
Impairment losses recognized in earnings	$ 11	$ 1	$ 11	$ 14

Investments, Amortized Cost and

Investments, Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	$ 40,342		$ 38,963
Gross unrealized gains	4,847		5,800
Gross unrealized losses	89		77
Allowance for credit loss	31	$ 45	40	$ 47	$ 51	$ 0
Estimated fair value	45,069		44,646
Shadow adjustments	2,200		2,500
Fixed Maturities Available-for-Sale [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	40,333		38,926
Gross unrealized gains	4,847		5,795
Gross unrealized losses	89		77
Allowance for credit loss	31		40
Estimated fair value	45,060		44,604
Corporate and Other Bonds [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	21,608		20,792
Gross unrealized gains	2,967		3,578
Gross unrealized losses	42		22
Allowance for credit loss	10	24	23	34	39	0
Estimated fair value	24,523		24,325
States, Municipalities and Political Subdivisions [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	10,384		9,729
Gross unrealized gains	1,610		1,863
Gross unrealized losses	15
Estimated fair value	11,979		11,592
Asset-Backed [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	7,669		7,554
Gross unrealized gains	250		320
Gross unrealized losses	26		52
Allowance for credit loss	21	$ 21	17	$ 13	$ 12	$ 0
Estimated fair value	7,872		7,805
Residential Mortgage-Backed [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	3,176		3,442
Gross unrealized gains	89		146
Gross unrealized losses	6		1
Estimated fair value	3,259		3,587
Commercial Mortgage-Backed [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	2,064		1,933
Gross unrealized gains	85		93
Gross unrealized losses	16		42
Allowance for credit loss	17		17
Estimated fair value	2,116		1,967
Other Asset-Backed [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	2,429		2,179
Gross unrealized gains	76		81
Gross unrealized losses	4		9
Allowance for credit loss	4
Estimated fair value	2,497		2,251
U.S. Treasury and Obligations of Government-sponsored Enterprises [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	139		339
Gross unrealized gains	1		2
Gross unrealized losses	4		3
Estimated fair value	136		338
Foreign Government [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	521		512
Gross unrealized gains	19		32
Gross unrealized losses	2
Estimated fair value	538		544
Redeemable Preferred Stock [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	12
Estimated fair value	12
Fixed Maturities Trading [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	9		37
Gross unrealized gains			5
Estimated fair value	$ 9		$ 42

Investments, Available-for-Sa_2

Investments, Available-for-Sale Securities in Gross Unrealized Loss Position (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Gross Unrealized Losses [Abstract]
Additional impairment losses	$ 0
Fixed Maturity Securities [Member]
Estimated Fair Value [Abstract]
Less than 12 months	4,927	$ 1,666
12 months or longer	341	64
Total	5,268	1,730
Gross Unrealized Losses [Abstract]
Less than 12 months	71	74
12 months or longer	18	3
Total	89	77
Corporate and Other Bonds [Member]
Estimated Fair Value [Abstract]
Less than 12 months	1,853	609
12 months or longer	88	12
Total	1,941	621
Gross Unrealized Losses [Abstract]
Less than 12 months	37	21
12 months or longer	5	1
Total	42	22
States, Municipalities and Political Subdivisions [Member]
Estimated Fair Value [Abstract]
Less than 12 months	885	33
Total	885	33
Gross Unrealized Losses [Abstract]
Less than 12 months	15
Total	15
Total Asset-Backed [Member]
Estimated Fair Value [Abstract]
Less than 12 months	2,051	948
12 months or longer	252	52
Total	2,303	1,000
Gross Unrealized Losses [Abstract]
Less than 12 months	13	50
12 months or longer	13	2
Total	26	52
Residential Mortgage-Backed [Member]
Estimated Fair Value [Abstract]
Less than 12 months	1,295	71
12 months or longer		11
Total	1,295	82
Gross Unrealized Losses [Abstract]
Less than 12 months	6	1
Total	6	1
Commercial Mortgage-Backed [Member]
Estimated Fair Value [Abstract]
Less than 12 months	317	533
12 months or longer	194	28
Total	511	561
Gross Unrealized Losses [Abstract]
Less than 12 months	4	40
12 months or longer	12	2
Total	16	42
Other Asset-Backed [Member]
Estimated Fair Value [Abstract]
Less than 12 months	439	344
12 months or longer	58	13
Total	497	357
Gross Unrealized Losses [Abstract]
Less than 12 months	3	9
12 months or longer	1
Total	4	9
U.S. Treasury and Obligations of Government-sponsored Enterprises [Member]
Estimated Fair Value [Abstract]
Less than 12 months	65	63
12 months or longer	1
Total	66	63
Gross Unrealized Losses [Abstract]
Less than 12 months	4	3
Total	4	3
Foreign Government [Member]
Estimated Fair Value [Abstract]
Less than 12 months	73	13
Total	73	$ 13
Gross Unrealized Losses [Abstract]
Less than 12 months	2
Total	$ 2

Investments, Available-for-Sa_3

Investments, Available-for-Sale Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Cost or Amortized Cost [Abstract]
Cost or amortized cost	$ 40,342	$ 38,963
Estimated Fair Value [Abstract]
Estimated fair value	45,069	44,646
Available-for-Sale Fixed Maturities [Member]
Cost or Amortized Cost [Abstract]
Due in one year or less	1,648	1,456
Due after one year through five years	10,776	12,304
Due after five years through ten years	13,628	12,319
Due after ten years	14,281	12,847
Cost or amortized cost	40,333	38,926
Estimated Fair Value [Abstract]
Due in one year or less	1,656	1,458
Due after one year through five years	11,517	13,098
Due after five years through ten years	14,794	13,878
Due after ten years	17,093	16,170
Estimated fair value	$ 45,060	$ 44,604

Investments, Amortized Cost Bas

Investments, Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination (Details) - Mortgage Loans [Member] $ in Millions	Sep. 30, 2021USD ($)	[1]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2021	$ 63
2020	161
2019	282
2018	86
2017	169
Prior	296
Total	1,057
DSCR Greater than or Equal to 1.6x, LTV Less than 55% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2021	8
2020	75
2019	16
2018	37
2017	116
Prior	203
Total	455
DSCR Greater than or Equal to 1.6x, LTV 55% to 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2020	38
2019	15
2018	18
Prior	1
Total	72
DSCR Greater than or Equal to 1.6x, LTV Greater than 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2021	17
2019	14
2018	7
Prior	23
Total	61
DSCR Between 1.2 to 1.6x, LTV Less than 55% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2021	13
2020	15
2019	95
2017	5
Prior	58
Total	186
DSCR Between 1.2 to 1.6x, LTV 55% to 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2021	25
2018	24
2017	10
Prior	4
Total	63
DSCR Between 1.2 to 1.6x, LTV Greater than 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2020	24
2019	9
2017	8
Total	41
DSCR Less than or Equal to 1.2x, LTV Less than 55% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2019	35
2017	30
Total	65
DSCR Less than or Equal to 1.2x, LTV 55% to 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2019	42
Total	42
DSCR Less than or Equal to 1.2x, LTV Greater than 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2020	9
2019	56
Prior	7
Total	$ 72
[1]	The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.

Investments, Aggregate Contract

Investments, Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
With Hedge Designation [Member] | Interest Rate Swaps [Member]
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount		$ 675
Liability, estimated fair value		(26)
Without Hedge Designation [Member] | Interest Rate Swaps [Member]
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	$ 100	100
Liability, estimated fair value	(1)	(3)
Without Hedge Designation [Member] | Options [Member] | Purchased [Member]
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	1	135
Asset, estimated fair value		3
Without Hedge Designation [Member] | Embedded Derivative on Funds Withheld Liability [Member]
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	272	190
Liability, estimated fair value	$ (11)	$ (19)

Investments, Investment Commitm

Investments, Investment Commitments (Details) - Investments in Assets Requiring Future Purchase, Sale or Funding Commitments [Member] $ in Millions	Sep. 30, 2021USD ($)
Investment Commitments [Abstract]
Commitments to purchase or fund investments	$ 1,300
Commitments to sell investments	$ 55

Fair Value, Assets and Liabilit

Fair Value, Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring Basis [Member] - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets and Liabilities Measured at Fair Value [Abstract]
Payable to brokers	$ (119)	$ (43)
Fixed Maturities Available-for-Sale [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	45,060	44,604
Corporate Bonds and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	25,209	25,207
States, Municipalities and Political Subdivisions [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	11,979	11,592
Asset-Backed [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	7,872	7,805
Fixed Maturities Trading [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	9	42
Total Fixed Maturities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	45,069	44,646
Equity Securities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	1,660	1,561
Short Term and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	4,063	4,577
Level 1 [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Payable to brokers	(118)	(14)
Level 1 [Member] | Fixed Maturities Available-for-Sale [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	146	355
Level 1 [Member] | Corporate Bonds and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	146	355
Level 1 [Member] | Total Fixed Maturities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	146	355
Level 1 [Member] | Equity Securities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	890	796
Level 1 [Member] | Short Term and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	4,063	4,538
Level 2 [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Payable to brokers	(1)	(29)
Level 2 [Member] | Fixed Maturities Available-for-Sale [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	43,502	43,125
Level 2 [Member] | Corporate Bonds and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	24,186	24,082
Level 2 [Member] | States, Municipalities and Political Subdivisions [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	11,922	11,546
Level 2 [Member] | Asset-Backed [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	7,394	7,497
Level 2 [Member] | Fixed Maturities Trading [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	9	34
Level 2 [Member] | Total Fixed Maturities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	43,511	43,159
Level 2 [Member] | Equity Securities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	745	722
Level 2 [Member] | Short Term and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments		39
Level 3 [Member] | Fixed Maturities Available-for-Sale [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	1,412	1,124
Level 3 [Member] | Corporate Bonds and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	877	770
Level 3 [Member] | States, Municipalities and Political Subdivisions [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	57	46
Level 3 [Member] | Asset-Backed [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	478	308
Level 3 [Member] | Fixed Maturities Trading [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments		8
Level 3 [Member] | Total Fixed Maturities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	1,412	1,132
Level 3 [Member] | Equity Securities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Investments	$ 25	$ 43

Fair Value, Reconciliations of

Fair Value, Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fixed Maturities Available-for-Sale [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	$ 1,350	$ 777	$ 1,124	$ 633
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income	2	0	(5)	0
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI	2	14	(27)	45
Purchases	138	194	428	345
Sales	(9)	0	(12)	(9)
Settlements	(22)	(17)	(74)	(31)
Transfers into Level 3	41	8	81	8
Transfers out of Level 3	(90)	(2)	(103)	(17)
Ending balance	1,412	974	1,412	974
Unrealized gains (losses) recognized in net income (loss) on level 3 assets and liabilities	0	0	0	0
Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities	2	13	(27)	48
Corporate Bonds and Other [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	883	555	770	468
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income	1		(9)
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI	1	5	(23)	27
Purchases	55	129	219	200
Sales			(3)
Settlements	(11)	(3)	(35)	(9)
Transfers into Level 3		8	10	8
Transfers out of Level 3	(52)		(52)
Ending balance	877	694	877	694
Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities	2	5	(22)	29
States, Municipalities and Political Subdivisions [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	57	0	46	0
Purchases		45	12	45
Settlements			(1)
Ending balance	57	45	57	45
Asset-Backed [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	410	222	308	165
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income	1		4
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI	1	9	(4)	18
Purchases	83	20	197	100
Sales	(9)		(9)	(9)
Settlements	(11)	(14)	(38)	(22)
Transfers into Level 3	41		71
Transfers out of Level 3	(38)	(2)	(51)	(17)
Ending balance	478	235	478	235
Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities		8	(5)	19
Fixed Maturities Trading [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	0	4	8	4
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income		4	(6)	4
Settlements			(2)
Ending balance	0	8	0	8
Unrealized gains (losses) recognized in net income (loss) on level 3 assets and liabilities		4		4
Total Fixed Maturities [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	1,350	781	1,132	637
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income	2	4	(11)	4
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI	2	14	(27)	45
Purchases	138	194	428	345
Sales	(9)	0	(12)	(9)
Settlements	(22)	(17)	(76)	(31)
Transfers into Level 3	41	8	81	8
Transfers out of Level 3	(90)	(2)	(103)	(17)
Ending balance	1,412	982	1,412	982
Unrealized gains (losses) recognized in net income (loss) on level 3 assets and liabilities	0	4	0	4
Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities	2	13	(27)	48
Equity Securities [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	36	27	43	19
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income	(2)		(15)	(7)
Purchases	1	12	11	12
Sales	(11)		(15)
Transfers into Level 3	11		11	15
Transfers out of Level 3	(10)		(10)
Ending balance	25	$ 39	25	39
Unrealized gains (losses) recognized in net income (loss) on level 3 assets and liabilities	$ (3)		$ (1)	$ (7)

Fair Value, Significant Unobser

Fair Value, Significant Unobservable Inputs (Details) $ in Millions	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Estimated fair value	$ 45,069	$ 44,646
Level 3 [Member] | Fixed Maturity Securities [Member]
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Estimated fair value	$ 1,154	$ 966
Level 3 [Member] | Fixed Maturity Securities [Member] | Credit Spread [Member] | Discounted Cash Flow [Member] | Minimum [Member]
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Measurement input	0.01	0.01
Level 3 [Member] | Fixed Maturity Securities [Member] | Credit Spread [Member] | Discounted Cash Flow [Member] | Maximum [Member]
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Measurement input	0.07	0.08
Level 3 [Member] | Fixed Maturity Securities [Member] | Credit Spread [Member] | Discounted Cash Flow [Member] | Weighted Average [Member]
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Measurement input	0.02	0.03

Fair Value, Financial Assets an

Fair Value, Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Carrying Amount [Member]
Assets [Abstract]
Other invested assets, primarily mortgage loans	$ 1,031	$ 1,068
Liabilities [Abstract]
Short term debt	186	35
Long term debt	8,919	10,042
Estimated Fair Value [Member]
Assets [Abstract]
Other invested assets, primarily mortgage loans	1,106	1,151
Liabilities [Abstract]
Short term debt	190	36
Long term debt	9,873	11,247
Estimated Fair Value [Member] | Level 2 [Member]
Liabilities [Abstract]
Short term debt		19
Long term debt	9,319	10,482
Estimated Fair Value [Member] | Level 3 [Member]
Assets [Abstract]
Other invested assets, primarily mortgage loans	1,106	1,151
Liabilities [Abstract]
Short term debt	190	17
Long term debt	$ 554	$ 765

Claim and Claim Adjustment Ex_3

Claim and Claim Adjustment Expense Reserves, Reconciliation of Claim and Claim Adjustment Expense Reserves (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Claim and Claim Adjustment Expense Reserves [Abstract]
Catastrophe losses, net of reinsurance		$ 178	$ 160	$ 357	$ 536
Liability for Unpaid Claim and Claim Adjustment Expenses [Roll Forward]
Gross reserves, beginning of year				22,706	21,720
Ceded reserves, beginning of year				4,005	3,835
Net reserves, beginning of year				18,701	17,885
Reduction of net reserves due to the excess workers' compensation loss portfolio transfer				(632)
Net incurred claim and claim adjustment expenses [Abstract]
Provision for insured events of current year				4,474	4,425
Increase (decrease) in provision for insured events of prior years				(130)	(68)
Amortization of discount				137	143
Total net incurred	[1]			4,481	4,500
Net payments attributable to [Abstract]
Current year events				(629)	(556)
Prior year events				(2,874)	(3,285)
Total net payments				(3,503)	(3,841)
Foreign currency translation adjustment and other				(51)	39
Net reserves, end of period		18,996	18,583	18,996	18,583
Ceded reserves, end of period		4,836	3,951	4,836	3,951
Gross reserves, end of period		23,832	$ 22,534	$ 23,832	22,534
Hurricane Ida [Member]
Claim and Claim Adjustment Expense Reserves [Abstract]
Catastrophe losses, net of reinsurance		$ 114
Severe Weather-Related Events [Member]
Claim and Claim Adjustment Expense Reserves [Abstract]
Catastrophe losses, net of reinsurance					273
COVID-19 Pandemic [Member]
Claim and Claim Adjustment Expense Reserves [Abstract]
Catastrophe losses, net of reinsurance					195
Civil Unrest [Member]
Claim and Claim Adjustment Expense Reserves [Abstract]
Catastrophe losses, net of reinsurance					$ 68
[1]	Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, the loss on the excess workers’ compensation loss portfolio transfer, uncollectible reinsurance and benefit expenses related to future policy benefits, which are not reflected in the table above.

Claim and Claim Adjustment Ex_4

Claim and Claim Adjustment Expense Reserves, Net Prior Year Development in Property and Casualty Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	$ (10)	$ (15)	$ 4	$ (8)
Property and Casualty Operations [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	(10)	(15)	(36)	(58)
Medical Professional Liability [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	8	25	16	35
Other Professional Liability and Management Liability [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development			10	(6)
Surety [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	(15)	(40)	(53)	(70)
Commercial Auto [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development		9	30	33
General Liability [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development		15		15
Workers' Compensation [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	2	(23)	(40)	(97)
Property and Other [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	$ (5)	$ (1)	1	32
Other Insurance Operations [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development			$ 40	$ 50

Claim and Claim Adjustment Ex_5

Claim and Claim Adjustment Expense Reserves, Asbestos and Environmental Pollution Reserves (Details) - A&EP Reserves [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2010	Dec. 31, 2020
Asbestos and Environmental Pollution Reserves ("A&EP") [Abstract]
Net A&EP claim and allocated claim adjustment expense reserves					$ 1,600
Aggregate limit under A&EP Loss Portfolio Transfer					4,000
Ceded A&EP claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts transferred to NICO under A&EP Loss Portfolio Transfer					1,200
Reinsurance premium paid to NICO under A&EP loss portfolio transfer					2,000
Net book value of billed third party reinsurance receivables transferred to NICO under A&EP loss portfolio transfer					215
Total consideration					$ 2,200
Retroactive reinsurance benefit recognized	$ 8	$ 9	$ 30	$ 43
Cumulative amounts ceded under loss portfolio transfer	3,300		3,300			$ 3,300
Unrecognized deferred retroactive reinsurance benefit	368		368			$ 398
Fair value of collateral trust account	$ 2,900		$ 2,900

Claim and Claim Adjustment Ex_6

Claim and Claim Adjustment Expense Reserves, Reinsurance of Excess Workers' Compensation Policies (Details) - USD ($) $ in Millions	Feb. 05, 2021	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Feb. 05, 2021	Dec. 31, 2019
Reinsurance of Excess Workers' Compensation Policies [Abstract]
Claims paid				$ 3,503	$ 3,841
Cavello [Member]
Reinsurance of Excess Workers' Compensation Policies [Abstract]
Percentage of outstanding reserves maintained as security in collateral trust account		105.00%
CNA Financial [Member] | Loss Portfolio Transfer for Workers' Compensation Liabilities [Member]
Reinsurance of Excess Workers' Compensation Policies [Abstract]
Reinsurance recoverable		$ 690		$ 690			$ 690
Reinsurance premium paid	$ 697
Claims paid						$ 64
Loss contingency, after tax and noncontrolling interests			$ 11
CNA Financial [Member] | Loss Portfolio Transfer for Workers' Compensation Liabilities [Member] | Maximum [Member]
Reinsurance of Excess Workers' Compensation Policies [Abstract]
Reinsurance recoverable	$ 1,000					$ 1,000

Claim and Claim Adjustment Ex_7

Claim and Claim Adjustment Expense Reserves, Long Term Care Policyholder Reserves (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2020
Long Term Care Policyholder Reserves [Abstract]
Pretax margin included in long term care future policy benefit reserves	$ 72
Premium deficiency in long term care future policy benefit reserves		$ 74	$ 74
Lower Claim Severity [Member]
Long Term Care Policyholder Reserves [Abstract]
Pretax increase (decrease) in claim tax and claim adjustment expense reserves	(40)	(37)
Lower Discount Rate Assumptions and Mortality Assumption Changes [Member]
Long Term Care Policyholder Reserves [Abstract]
Pretax increase (decrease) in claim tax and claim adjustment expense reserves	$ 2	$ 46

Shareholders' Equity, Component

Shareholders' Equity, Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	$ 19,398	$ 18,413	$ 19,181	$ 21,930
Other comprehensive income (loss)	(153)	259	(438)	343
Balance	19,130	18,620	19,130	18,620
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	327	5	581	(68)
Other comprehensive income (loss) before reclassifications, after tax	(150)	267	(399)	284
Reclassification of (income) losses from accumulated other comprehensive income, after tax	(3)	(8)	(39)	59
Other comprehensive income (loss)	(153)	259	(438)	343
Amounts attributable to noncontrolling interests	17	(26)	48	(37)
Balance	191	238	191	238
Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	0	(8)	0	0
Other comprehensive income (loss) before reclassifications, after tax		2	(2)	(48)
Reclassification of (income) losses from accumulated other comprehensive income, after tax		4	2	45
Other comprehensive income (loss)		6	0	(3)
Amounts attributable to noncontrolling interests		(1)
Balance	0	(3)	0	(3)
Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income (loss) before reclassifications, tax	0	0	1	13
Reclassification of (income) losses from accumulated other comprehensive income, tax	0	(1)	(1)	(12)
Net Unrealized Gains (Losses) on Other Investments [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	1,271	1,050	1,563	918
Other comprehensive income (loss) before reclassifications, after tax	(121)	231	(391)	374
Reclassification of (income) losses from accumulated other comprehensive income, after tax	(17)	(24)	(74)	(20)
Other comprehensive income (loss)	(138)	207	(465)	354
Amounts attributable to noncontrolling interests	14	(22)	49	(37)
Balance	1,147	1,235	1,147	1,235
Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income (loss) before reclassifications, tax	32	(63)	104	(97)
Reclassification of (income) losses from accumulated other comprehensive income, tax	5	7	20	5
Unrealized Gains (Losses) on Cash Flow Hedges [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(11)	(25)	(23)	(6)
Other comprehensive income (loss) before reclassifications, after tax	1	(2)	12	(22)
Reclassification of (income) losses from accumulated other comprehensive income, after tax	1	3	2	4
Other comprehensive income (loss)	2	1	14	(18)
Balance	(9)	(24)	(9)	(24)
Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income (loss) before reclassifications, tax	0	0	(3)	8
Reclassification of (income) losses from accumulated other comprehensive income, tax	0	0	(2)	(1)
Pension and Postretirement Benefits [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(863)	(837)	(877)	(855)
Other comprehensive income (loss) before reclassifications, after tax	3	(2)	1	(3)
Reclassification of (income) losses from accumulated other comprehensive income, after tax	13	9	31	30
Other comprehensive income (loss)	16	7	32	27
Amounts attributable to noncontrolling interests	(1)		(3)	(2)
Balance	(848)	(830)	(848)	(830)
Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income (loss) before reclassifications, tax	0	0	0	0
Reclassification of (income) losses from accumulated other comprehensive income, tax	(2)	(3)	(7)	(8)
Foreign Currency Translation [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(70)	(175)	(82)	(125)
Other comprehensive income (loss) before reclassifications, after tax	(33)	38	(19)	(17)
Other comprehensive income (loss)	(33)	38	(19)	(17)
Amounts attributable to noncontrolling interests	4	(3)	2	2
Balance	(99)	(140)	(99)	(140)
Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income (loss) before reclassifications, tax	0	0	0	0
Reclassification of (income) losses from accumulated other comprehensive income, tax	$ 0	$ 0	$ 0	$ 0

Shareholders' Equity, Treasury

Shareholders' Equity, Treasury Stock (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Treasury Stock [Abstract]
Purchases of Loews treasury stock (in shares)			15.7	16.1
Purchase of treasury stock	$ 333	$ 195	$ 826	$ 673

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers		$ 425	$ 569	$ 1,518	$ 2,145
Other revenues		25	40	62	96
Operating revenues and other		450	609	1,580	2,241
Deferred Revenue [Abstract]
Deferred revenue		4,443		4,443		$ 4,023
Revenue recognized				916	839
Performance Obligations [Abstract]
Remaining performance obligations		13,300		13,300
Receivables [Member]
Receivables from Contracts with Customers [Abstract]
Receivables from contracts with customers		118		118		246
Other Liabilities [Member]
Deferred Revenue [Abstract]
Deferred revenue		4,500		4,500		$ 4,100
CNA Financial [Member] | Non-Insurance Warranty [Member]
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers		357	317	1,054	926
Boardwalk Pipelines [Member] | Transportation and Storage of Natural Gas and NGLs and Other Services [Member]
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers		296	280	959	898
Loews Hotels & Co [Member] | Lodging and Related Services [Member]
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers		129	36	279	194
Corporate [Member] | Rigid Plastic Packaging and Recycled Resin [Member]
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers	[1]		$ 253	280	753
Diamond Offshore [Member] | Contract Drilling [Member]
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers	[2]				$ 300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Performance Obligations [Abstract]
Remaining performance obligations		$ 700		$ 700
Expected timing of satisfaction		3 months		3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Performance Obligations [Abstract]
Remaining performance obligations		$ 2,300		$ 2,300
Expected timing of satisfaction		1 year		1 year
[1]	Revenues presented for Corporate reflect the periods prior to the deconsolidation of Altium Packaging in the second quarter of 2021. See Note 2 for further discussion.
[2]	Revenues presented for Diamond Offshore reflect the period prior to its deconsolidation in the second quarter of 2020. See Note 2 for further discussion.

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Pension Benefits [Member]
Components of Net Periodic (Benefit) Cost [Abstract]
Service cost	$ 1		$ 2	$ 2
Interest cost	17	$ 24	53	70
Expected return on plan assets	(41)	(43)	(127)	(130)
Amortization of unrecognized net loss	12	12	37	35
Amortization of unrecognized prior service cost				1
Settlement charge		1	2	8
Regulatory asset decrease	1		1
Net periodic (benefit) cost	(10)	(6)	(32)	(14)
Other Postretirement Benefits [Member]
Components of Net Periodic (Benefit) Cost [Abstract]
Net periodic (benefit) cost	$ (1)	$ 0	$ (1)	$ (1)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Billions	Sep. 30, 2021USD ($)
CNA [Member]
CNA Financial [Abstract]
Potential amount of future payments under guarantees	$ 1.6

Segments (Details)

Segments (Details) $ in Millions		Apr. 01, 2021	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)		Sep. 30, 2021USD ($)SegmentSubsidiaries		Sep. 30, 2020USD ($)
Segments [Abstract]
Number of reportable segments | Segment						4
Number of individual operating subsidiaries | Subsidiaries						3
Revenues [Abstract]
Insurance premiums			$ 2,059	$ 1,953		$ 6,056		$ 5,672
Net investment income (loss)			483	540		1,649		1,347
Investment gains (losses)	[1]		22	46		657		(1,312)
Non-insurance warranty revenue			357	317		1,054		926
Operating revenues and other			450	609		1,580		2,241
Total			3,371	3,465		10,996		8,874
Expenses [Abstract]
Insurance claims and policyholders' benefits			1,632	1,616		4,684		4,683
Amortization of deferred acquisition costs			368	360		1,084		1,046
Non-insurance warranty expense			330	293		973		859
Operating expenses and other			638	876		2,208		3,894
Interest			99	137		324		404
Total			3,067	3,282		9,273		10,886
Income (loss) before income tax			304	183		1,723		(2,012)
Income tax (expense) benefit			(58)	(21)		(391)		284
Net income (loss)			246	162		1,332		(1,728)
Amounts attributable to noncontrolling interests			(26)	(23)		(97)		400
Net income (loss) attributable to Loews Corporation			220	139		1,235		(1,328)
Altium Packaging LLC [Member]
Segments [Abstract]
Percentage interest of subsidiary sold		47.00%
Operating Segments [Member]
Revenues [Abstract]
Insurance premiums			2,059	1,953		6,056		5,672
Net investment income (loss)			483	540		1,649		1,347
Investment gains (losses)			22	46		657		(1,312)
Non-insurance warranty revenue			357	317		1,054		926
Operating revenues and other			450	609		1,580		2,241
Total			3,371	3,465		10,996		8,874
Expenses [Abstract]
Insurance claims and policyholders' benefits			1,632	1,616		4,684		4,683
Amortization of deferred acquisition costs			368	360		1,084		1,046
Non-insurance warranty expense			330	293		973		859
Operating expenses and other			638	876		2,208		3,894
Interest			99	137		324		404
Total			3,067	3,282		9,273		10,886
Income (loss) before income tax			304	183		1,723		(2,012)
Income tax (expense) benefit			(58)	(21)		(391)		284
Net income (loss)			246	162		1,332		(1,728)
Amounts attributable to noncontrolling interests			(26)	(23)		(97)		400
Net income (loss) attributable to Loews Corporation			220	139		1,235		(1,328)
Operating Segments [Member] | CNA Financial [Member]
Revenues [Abstract]
Insurance premiums			2,059	1,953		6,056		5,672
Net investment income (loss)			513	517		1,608		1,380
Investment gains (losses)			22	46		117		(101)
Non-insurance warranty revenue			357	317		1,054		926
Operating revenues and other			8	7		19		20
Total			2,959	2,840		8,854		7,897
Expenses [Abstract]
Insurance claims and policyholders' benefits			1,632	1,616		4,684		4,683
Amortization of deferred acquisition costs			368	360		1,084		1,046
Non-insurance warranty expense			330	293		973		859
Operating expenses and other			287	268		874		851
Interest			28	52		85		114
Total			2,645	2,589		7,700		7,553
Income (loss) before income tax			314	251		1,154		344
Income tax (expense) benefit			(59)	(36)		(219)		(40)
Net income (loss)			255	215		935		304
Amounts attributable to noncontrolling interests			(26)	(23)		(97)		(32)
Net income (loss) attributable to Loews Corporation			229	192		838		272
Operating Segments [Member] | Boardwalk Pipelines [Member]
Revenues [Abstract]
Operating revenues and other			307	289		991		926
Total			307	289		991		926
Expenses [Abstract]
Operating expenses and other			215	219		641		633
Interest			40	44		121		127
Total			255	263		762		760
Income (loss) before income tax			52	26		229		166
Income tax (expense) benefit			(14)	(6)		(59)		(43)
Net income (loss)			38	20		170		123
Net income (loss) attributable to Loews Corporation			38	20		170		123
Operating Segments [Member] | Loews Hotels & Co [Member]
Revenues [Abstract]
Net investment income (loss)						1
Operating revenues and other			134	60		288		236
Total			134	60		289		236
Expenses [Abstract]
Operating expenses and other			109	114		328		404
Interest			8	8		25		24
Total			117	122		353		428
Income (loss) before income tax			17	(62)		(64)		(192)
Income tax (expense) benefit			(4)	15		13		48
Net income (loss)			13	(47)		(51)		(144)
Net income (loss) attributable to Loews Corporation			13	(47)		(51)		(144)
Operating Segments [Member] | Corporate [Member]
Revenues [Abstract]
Net investment income (loss)			(30)	23	[2]	40	[3]	(33)	[2]
Investment gains (losses)						540	[3]	(1,211)	[2]
Operating revenues and other			1	253	[2]	282	[3]	754	[2]
Total			(29)	276	[2]	862	[3]	(490)	[2]
Expenses [Abstract]
Operating expenses and other			27	275	[2]	365	[3]	810	[2]
Interest			23	33	[2]	93	[3]	96	[2]
Total			50	308	[2]	458	[3]	906	[2]
Income (loss) before income tax			(79)	(32)	[2]	404	[3]	(1,396)	[2]
Income tax (expense) benefit			19	6	[2]	(126)	[3]	293	[2]
Net income (loss)			(60)	(26)	[2]	278	[3]	(1,103)	[2]
Net income (loss) attributable to Loews Corporation			$ (60)	$ (26)	[2]	$ 278	[3]	(1,103)	[2]
Operating Segments [Member] | Diamond Offshore [Member]
Revenues [Abstract]
Operating revenues and other	[4]							305
Total	[4]							305
Expenses [Abstract]
Operating expenses and other	[4]							1,196
Interest	[4]							43
Total	[4]							1,239
Income (loss) before income tax	[4]							(934)
Income tax (expense) benefit	[4]							26
Net income (loss)	[4]							(908)
Amounts attributable to noncontrolling interests	[4]							432
Net income (loss) attributable to Loews Corporation	[4]							$ (476)
[1]	During the three and nine months ended September 30, 2021, $2 of investment losses and $15 of investment gains were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2021. During the three and nine months ended September 30, 2020, $25 of investment gains and $44 of investment losses were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2020.
[2]	Amounts presented for Corporate include the operating results of Altium Packaging prior to the deconsolidation.
[3]	Amounts presented for Corporate include the operating results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment.
[4]	Amounts presented for Diamond Offshore reflect the period prior to the deconsolidation.